U.K. insurance company Direct Line hired LifeSight master trust to manage its £425 million ($537 million) U.K. defined contribution plan's assets, according to a news release Wednesday.
LifeSight, which is owned by Willis Towers Watson, will provide Direct Line Group DC Pension Scheme with independent trustee oversight, administration, investment management as well as communication.
The Direct Line Group DC Pension Scheme has only plan participants who are yet to retire but are no longer accruing contributions.
The plan required LifeSight to develop a communication site to help 16,500 participants move to the new arrangement.
LifeSight, which has £14.5 billion in assets under management, also facilitated a bulk transfer of assets with equivalent investments provided for all participants.