LifeSight confirms intention to launch Retirement CDC solution

LONDON, March 24, 2026 – LifeSight, WTW’s £30bn defined contribution (DC) master trust, has confirmed its intention to launch a Retirement Collective Defined Contribution (R-CDC) solution as soon as the UK regulatory framework allows.

The proposed solution would offer members an additional retirement option, sitting alongside existing flexibilities, and is intended to help address the growing challenge of converting DC savings into a sustainable income in retirement.

LifeSight’s sponsor, WTW, has pioneered the development of UK CDC since its inception and has led wider industry innovations on collective approaches to managing pensions. LifeSight’s plans for R-CDC are subject to final Government regulations, and the necessary trustee and regulatory approvals.

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We believe Retirement CDC will be the best option for the majority of DC members reaching retirement who want the highest sustainable lifetime income from their pension pot.”

Jelena Croad |
Head of LifeSight UK

Commenting on the announcement, Jelena Croad, Head of LifeSight UK, said: “We believe Retirement CDC will be the best option for the majority of DC members reaching retirement who want the highest sustainable lifetime income from their pension pot. R-CDC does this without putting the burden of managing pensions decisions onto the member. This is why we intend to offer R-CDC as soon as legislation allows.

“We are excited to introduce R-CDC in LifeSight, which would be a first in the UK, as part of our range of retirement options. This aligns with our long-standing commitment to innovation, and our ambition to provide members with better retirement outcomes.

“We also believe R-CDC will play an important role for those members who don’t want to make active decisions with their retirement savings in later life. We see R-CDC as a key part of Guided Retirement.”

Simon Ellis, LifeSight Chair of Trustees, added: “Member outcomes are at the heart of all trustee decisions. It is very exciting and satisfying that LifeSight is leading innovation in this area, by offering a range of new solutions to members which are expected to address the significant challenges facing DC retirees.”

R-CDC will allow members to convert their DC savings into an income for life. In R-CDC schemes, the income levels will be adjusted over time based on collective investment performance and longevity experience, and latest expectations of future experience. Adjustment rates will be calculated by an independent actuary based on valuation assumptions set by trustees, all overseen by an expanded TPR Code of Practice.

The Government has said that draft R-CDC regulations will be published this year, with the expectation of final regulations and TPR authorisation for R-CDC in 2027/28.

When LifeSight members retire in future, they will be able to choose from R-CDC, ‘Flex and Fix’ and existing methods of accessing their DC retirement savings (i.e. cash, annuities or traditional drawdown). WTW has published analysis indicating that R-CDC generates a higher lifetime income than other DC retirement options in the vast majority of scenarios.

The LifeSight retirement options, including R-CDC pensions, are expected to be available to members of LifeSight and to members of any single-employer defined contribution (DC) trusts which partner with LifeSight as a solution for their retiring members.

Torsten Bell MP, UK Minister for Pensions, said: “Retirement CDC offers hardworking people who have spent decades saving in a DC scheme a different option for their retirement. One where risks are shared, returns are more predictable, and the focus is on securing a reliable income for life.

“Alongside our wider pension reforms which will drive costs down and lift workers’ retirement saving returns up, Retirement CDC is a significant step towards helping millions of people get the security they deserve in later life.”

Rash Bhabra, Head of UK Retirement at WTW, said: “LifeSight’s plans to launch R-CDC build on WTW’s deep experience and leadership in the UK’s development of CDC pensions. WTW advised Royal Mail on the development of their CDC scheme, the first of its kind in the UK, and currently serve as scheme actuary to the Royal Mail Collective Pension Plan.

“We are pleased the Government continues to be supportive of CDC, and sees this as an area where pension schemes can support the UK’s economic growth and bring benefits to UK workers. We look forward to continuing to work with Government to bring to life the vision of CDC pensions for DC savers.”

WTW and LifeSight will share further details of its R-CDC plans once regulations are finalised and formal launch timetables are confirmed.

About LifeSight

LifeSight is WTW’s master trust, a defined contribution multi-employer pension trust for employers who would benefit from high-quality, low-risk, market-competitive pension provision without the governance burden.

Running a defined contribution pension scheme is becoming complex and costly for a lot of employers. Governance is growing ever more onerous and schemes now have new pension flexibilities to contend with. Companies want to find a high-quality alternative that has their employees’ needs at heart. LifeSight offers the best attributes of a trust in an outsourced arrangement. Our unique solution looks after the day-to-day running of the scheme, whilst an independent trustee board looks after the interests of your members.

LifeSight gives members access to our leading-edge digitalised platform, including the award-winning ageOmeter tool, and administration services. Combined with our proven expertise in investments and communications, LifeSight is the complete package.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.