Recently, Martin Willis of the Society of Pension Professionals, (SPP), kindly shared some of his time with BusinessTV to help us all better understand Master Trusts.
Master Trusts have been around for some time now but it’s only since auto-enrollment that they’ve really taken off. Potentially, they can be used to outsource almost all of the administrative, governance and regulatory burdens that come with running your pension scheme. If the fit is right they can also offer strong economies of scale and high levels of investment expertise.
In this conversation we asked Martin some basic questions that we felt most of you would probably have, especially if you’ve not heard of these vehicles before.
We learnt that Master Trusts are not necessarily perfect for all types of schemes, or scheme cultures, but for many they are well worth a look.
Martin Willis – APFS, Chartered Financial Planner
Chair of the SPP’s Defined Contribution Committee
Martin advises and supports organisations in relation to their benefit arrangements. He has 20 years of experience specialising in Defined Contribution pensions and leads Barnett Waddingham’s Defined Contributions services to the Charity and Education Sectors.
Areas of experience include:
- Advises on design and implementation of group pension arrangements (including structure, provider and associated benefits etc).
- Advises on ongoing governance of DC pension arrangements (both to employers and trustees).
- Advises on structures to support individuals drawing benfits and transitioning into retirement.
- Advises on strategy and particpates in delivery of member engagement.
- Advises on various DC consolidation exercises and wind-ups.
- Advises and manages defined benefit (DB) to DC transition exercises.
- Currently holds the position of Chair on the Society of Pension Professionals’ DC Committee and is a member of the Investment and Life Assurance Group’s Wealth Management Strategy Group.
The Society of Pension Professionals
SPP is the representative body for a wide range of pension advisors and service providers.
Harnessing the expertise of its broad membership, SPP strives to deliver value to its members and improve how pensions work, positively impacting outcomes for pension scheme members, the pensions industry and its stakeholders.
The breadth of our membership profile is a unique strength for the SPP, including actuaries; lawyers; providers; consultants; administrators; investment managers; professional trustees and covenant assessors. Our members lead pensions thinking by working collaboratively, allowing views and knowledge to develop with a true breadth of perspective.
- Some 15,000 pension professionals working for SPP members
- Specialist committees bringing together over 120 pension professionals
- Regular engagement with politicians, policy makers, regulators and other influencers