Legal and General has appointed Pitmans Trustees as the independent trustee of its new defined contribution (DC) mastertrust product.
Retailer Marks and Spencer will join the mastertrust arrangement in November 2012 and two further schemes worth £30 million will join when it goes live next month.
Tony Filbin, managing director, workplace savings at Legal and General, said: “Strong fiduciary responsibility is critical to our mastertrust proposition, and we recognised from the outset the value that a strong independent trustee will add.”
Richard Butcher, managing director of Pitmans Trustees, added: “We have identified mastertrusts as one of the key growth areas in the next few years following a surge of interest from employers nervous about the additional pensions burden auto-enrolment will bring.“
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