Introducing LifeSight
LifeSight can help you plan and save for your future by providing a clear view of your savings and allowing you more control and flexibility in your retirement.
Being a LifeSight member:
helps you plan
The LifeSight ageOmeter tool tells you when you may be able to afford to retire and will give you an indication of what income you can expect in retirement.
is easy to use
Your LifeSight Account and our handy App are designed to help you take control of your future anytime, anywhere.
gives you choice
You have a range of investment options to choose from depending on how hands-on you would like to be when managing your LifeSight Account.
offers flexibility when you retire
When you retire, you can access your retirement savings through LifeSight's income drawdown option, withdrawing your money as and when you need it. Alternatively, you can choose to purchase an annuity or take a cash lump sum.
Who are LifeSight?
LifeSight is a multi-employer pension scheme, known as a master trust, in which many employers participate. LifeSight brings you the latest retirement saving innovations – including a personalised member experience, sustainable investment options and award-winning modelling tools.
LifeSight is governed by an independent Trustee Board, who are responsible for looking after the interests of LifeSight members.
What is a master trust?
A master trust, is an arrangement that multiple employers can use, overseen by independent trustees who look after retirement savings on behalf of all the employees who are members.
Having master trust authorisation means LifeSight is recognised and approved by The Pensions Regulator as a master trust that’s properly run and governed in the best interest of its members.
The day-to-day administration of LifeSight is done by WTW, on behalf of the LifeSight Trustees.
Legal & General Investment Management is the platform provider for LifeSight.
What are the benefits of being a member?
As a member of LifeSight, you'll have access to:
Competitive member charges |
We have negotiated competitive member charges for the investment options available |
Award-winning online tools |
You can find out the age at which you might be able to afford to retire using the LifeSight ageOmeter, an award-winning pension planning tool. |
Enhanced at-retirement solution |
You’ll receive guidance and advice at no initial cost to you from a non-affiliated financial adviser as you approach your retirement date*. Importantly, you can also leave your savings invested within LifeSight and make withdrawals over time which is known as income drawdown. *Please note that fees may apply if you implement the advice |
Informative and engaging communications |
We’ll get in touch with you at important times throughout your retirement journey. You’ll also have access to a suite of educational materials, including: your online account, member webinars, an app and videos, to better support you with your retirement planning. |
Competitive member charges |
We have negotiated competitive member charges for the investment options available. |
Award-winning online tools |
You can find out the age at which you might be able to afford to retire using the LifeSight ageOmeter, an award-winning pension planning tool. |
Enhanced at-retirement solution |
You’ll receive guidance and advice at no initial cost to you from a non-affiliated financial adviser as you approach your retirement date*. Importantly, you can also leave your savings invested within LifeSight and make withdrawals over time which is known as income drawdown. *Please note that fees may apply if you implement the advice |
Informative and engaging communications |
We’ll get in touch with you at important times throughout your retirement journey. You’ll also have access to a suite of educational materials, including: your online account, member webinars, an app and videos, to better support you with your retirement planning. |
How LifeSight works
As a member of LifeSight you have a personalised LifeSight Account set up in your name. If you are an employee, contributions are paid into your LifeSight Account until you leave your employer, retire or opt out. If you leave or have left your employer or opted out, contributions will no longer be paid in, but your LifeSight Account will remain invested and you will continue to be a member of LifeSight.
If you opt out of LifeSight you may be automatically re-enrolled by your employer at a later date. Your employer will be able to tell you more about this.
Choosing how your LifeSight Account is invested is a key part of making LifeSight work for you. You can choose to invest in Lifestyle funds or self-select from the range of investment funds offered. If you don’t want to choose where your money is invested, it will be invested for you in a ‘default’ fund.
Managing your LifeSight Account
You can change where your money is invested and review how your pension investments are performing whenever you want, by activating and logging on to your LifeSight Account or checking the App. Once a year we will send you a statement giving you the value of your LifeSight Account and other valuable information
The performance of the funds in which your LifeSight Account is invested, together with the contributions paid in and member charges paid, determines the value of your LifeSight Account. Remember that the value of your LifeSight Account can go up and down.
This is an overview of what to expect and how LifeSight works. You can always contact us if you have any questions about your LifeSight Account or need more information. Note that we cannot provide advice. See Useful contacts and FAQs for more.
Contributions
A key part of saving for retirement is the amount you contribute as, broadly speaking, the more you pay in, the quicker your savings will build up and the earlier you are likely to be able to afford to retire.
Think about what you can afford each month and use the LifeSight ageOmeter to see the impact this has on the age at which you could retire. The more you contribute, the lower your LifeSight Age could be due to your greater savings at retirement. You can also see the impact that different contribution rates may make to the value of your LifeSight Account using the other tools available through your LifeSight Account. You can review and/or update your level of contributions at any time.
Remember: contributions might not cost you as much as you think, as you may benefit from tax relief, up to certain limits.
If you have left your employer and become a ‘deferred member’ of LifeSight or opted out, contributions are no longer going into your LifeSight Account. However, your LifeSight Account remains invested in line with your investment choice. You can change your investment choice at any time. Remember that the value of your LifeSight Account will continue to go up and down due to market movements and that member charges will continue to be payable.
Investing your LifeSight Account
LifeSight gives you options about how you invest the money in your LifeSight Account, giving you the possibility of investment returns over time. There are a number of different investment options available to you.
You can choose how involved you want to be in the investment of your LifeSight Account.
- Lifecycle: choose from nine options based on the level of investment risk you want to take and how you plan to access your savings in the future. This means less involvement for you as all nine options change your investment mix automatically and gradually to lower risk investments as retirement approaches. The timing of this change depends on which lifecycle option you select. More information can be found on page 3 of this document.
- Freechoice: you are fully involved as you choose from the wide range of Freechoice investment funds and monitor and update these yourself throughout your savings journey. More information can be found on this document.
If you’re an active member and you don’t want to choose where your ongoing contributions are invested, LifeSight will invest it in a default investment option which is the medium risk drawdown option. Any existing assets you hold as an active or deferred member under the Emerson UK Pension Plan will be mapped to similar investments which will be confirmed by the existing Scheme Trustee in due course.
Charges
As a member of LifeSight, charges apply to cover the cost of managing the scheme and investing contributions to build up your pension pot. Any charge you pay is outlined in a Charges Sheet that will be available in your LifeSight Account when you join.
Joining |
No entry fee |
Ongoing |
You pay an Annual Member fee, which is typically comprised of two parts; the first is the cost of the day-to-day running of LifeSight, the second is the specific charge applied to where your savings are invested.
|
One off |
|
Joining |
No entry fee |
Ongoing |
You pay an Annual Member fee, which is typically comprised of two parts; the first is the cost of the day-to-day running of LifeSight, the second is the specific charge applied to where your savings are invested.
|
One off |
|
Discover your Predicted LifeSight Age
Use the LifeSight AgeOmeter to discover when you may be able to afford to retire. We call this your ‘LifeSight Age’ and you can use this age when thinking about your saving decisions and planning for your future.
The first time you log in to your LifeSight Account, your predicted LifeSight Age will be estimated using the information we have about you. The LifeSight AgeOmeter also uses some reasonable assumptions about how much money you may need in later life.
You can use the LifeSight ageOmeter to play with different investment and contribution options, as well as enter other savings information, to find a predicted LifeSight Age that works for you.
Once you have found a LifeSight Age that is right for you, you can change the investment settings and Target Retirement Age on your LifeSight Account, so your savings start working towards that age.
Please note, the ageOmeter is just a modelling tool, based on a series of assumptions, and so the actual age at which you can afford to retire may be different to your predicted LifeSight Age.
LifeSight has other modelling tools available to help with more detailed retirement spending planning, which you will be able to access from your online Account.
Tick off your Task List
In your LifeSight Account you will see a task list of things that can help you to keep your retirement savings on track. This includes things like; letting us know the best way we can reach you so we can let you know important information about your account, nominating your beneficiary, so the Trustee know who you would like your retirement savings to go to in the event of your death and checking your contribution levels so they are right for you.
Options when you retire
When it is time for you to decide how you would like to take your retirement savings, we give you flexibility around your options for the future. You may want to purchase an annuity, withdraw all of your LifeSight savings in a cash lump sum, or take one-off withdrawals or regular income as and when you need it.
You can normally take up to 25% of your savings as tax-free cash. This can be taken as a cash lump sum up-front, or you may be able to take it in stages as you make withdrawals. Any portion of your savings which does not represent your tax-free element will be taxed at your personal rate of income tax when you withdraw it.
Other useful LifeSight Links
Useful contacts and FAQs
Help & Support
If you have any questions about LifeSight you can contact us using the contact details below. You’ll also find links to other websites you may find useful.
For information on… |
Visit or Contact… |
LifeSight |
Address: Email: lifesightsupport@wtwco.com |
Finding a financial adviser in your area |
Money Helper Website: moneyhelper.org.uk Here you can find a regulated independent financial adviser in your area who, for a charge, can give you advice on your retirement options. |
Your retirement options (free for those over age 50) |
Pension Wise Phone: 0800 138 3944 Website: pensionwise.gov.uk If you’re over age 50, free and impartial guidance on your retirement options is available from Pension Wise. You can book a guidance session by calling the number above. |
For information on… |
Visit or Contact… |
LifeSight |
Address: Email: lifesightsupport@wtwco.com |
Finding a financial adviser in your area |
MoneyHelper Website: moneyhelper.org.uk Here you can find a regulated independent financial adviser in your area who, for a charge, can give you advice on your retirement options. |
Your retirement options (free for those over age 50) |
Pension Wise Phone: 0800 138 3944 Website: pensionwise.gov.uk If you’re over age 50, free and impartial guidance on your retirement options is available from Pension Wise. You can book a guidance session by calling the number above. |
Frequently Asked Questions
Below are some questions that you may find helpful. If you have any other questions and you can’t find the information below, then please contact us using the contact information on this page. We will always try our best to support you.
Financial Advice
Please note that, based on current legislation (which may change in the future), nothing contained within this website is advice. Neither your Pension Plan’s Trustee, nor the LifeSight Trustee can provide you with financial advice on the changes. However, if you feel that you require financial advice in relation to your specific personal circumstances, we recommend that you contact an impartial financial adviser. You can find details of a local regulated Independent Financial Adviser for advice at: moneyhelper.org.uk
The information provided above is subject to the legislation in force at August 2024. This is subject to change at any time.
