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Debunking the myths of Master Trusts - Hymans Robertson

Blog

Debunking the myths of Master Trusts

06 Aug 2020

There are a number of misconceptions when it comes to moving your scheme to a DC Master Trust arrangement. Here, we debunk those myths once and for all!

Myth #1. Master Trusts are controlled by an external group that restrict your Company’s ability to engage.

In reality: Master Trust providers work collaboratively with each employer to build an effective and tailored communication campaign for your staff. Typically this includes a mobile phone app that allows members to review their pension savings and investments with just a few taps. Regular engagement between the employer and the provider can yield a very sophisticated and integrated pension and financial wellbeing engagement strategy at value to members and the employer.

Myth #2. Master Trusts only have a small fund range and one default investment option.

In reality: Master Trusts typically have over 25 core investment funds which are suitable to meet the needs of most. They also have a number of default options that are aligned to how members may retire (cash; drawdown and annuity). These are governed by the Master Trust trustees and effectively communicated to allow member choice.

There is also the flexibility to add funds and create a bespoke default to meet your membership needs. Most recently this would be to ensure Responsible Investment is key within a default and adapted to meet employer and member voice.

Myth #3. A switch to a Master Trust is complex and time consuming.

In reality: A switch can take as little as 3 months and the heavy lifting for setting up the arrangement within payroll is done mainly by the provider. Communicating to members is also done by the provider and this can be adapted to deliver additional communications if needed. In fact, if you are considering a change to your workforce, pension scheme design (contribution or investment) and also integrating new systems or financial wellness it may be more economical and efficient to consider a Master Trust arrangement.

Ready to consider the move?

Read our top 5 reasons why you should consider moving to a DC Master Trust, or contact Mike to discuss your options. 

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