Irish Broker Article: Introducing Aviva's Master Trust

The Master Trust has been designed to meet members’ needs, offering a wide range of ESG funds and lifestyle strategies along with valuable added benefits such as Best Doctors and Aviva Family Care.

This article by Richard Hales, Pensions Propositions Manager – Aviva Life & Pensions Ireland was published in Irish Broker Magazine

At Aviva, we are committed to helping pension scheme members achieve their retirement goals. The recently established Aviva Master Trust is a group pension arrangement that allows both employers and their employees to save for retirement in one overall IORP II compliant trust arrangement. This ensures that employers are offering a compliant retirement savings solution to their employees which is cost efficient as it benefits from the economies of scale of being part of one large trust.

Compliance and Governance

IORP II Regulations impose a significant regulatory and compliance burden on pension schemes and their trustees. The Aviva Master Trust offers employers and employees comfort that their pension scheme meets these regulations.

The Trustee of the Aviva Master Trust is Aviva Master Trust Ireland DAC. This is a trustee company which has been established specifically to act as trustee of the Master Trust.

The Trustee’s role is to act in the best interests of scheme members and ensure that the right levels of oversight and governance are in place. The scope of the Trustee’s governance includes investment choice, design and performance along with clear member communications, efficient administration, and value for money. Each of the members of the trustee board have worked in Irish pensions in various capacities for a considerable length of time and have a broad set of skills and wide pensions knowledge. In addition, each of the members of the trustee board have specialist pension backgrounds with skills and knowledge which complement each other and provide a diversity of experience. The trustee board also receive support from a number of external expert professional advisers. The Master Trust is supported further by the appointed Key Function Holders: internal audit is provided by Grant Thornton and risk management is provided by Lane Clark Peacock.

Investment Solutions in the Aviva Master Trust

We all have different preferences for how we like to invest. While we recognise that it may suit scheme members to invest in a low-cost default lifestyle strategy which automatically de-risks as the member reaches retirement, some individuals may want a more hands-on approach to deciding how their pension funds are invested. The Aviva Master Trust investment menu is designed to cater for all needs and to provide choice across asset classes, risk profiles and investment styles.

Our Managed for You range offers a simpler way to invest with responsibility with the built-in Aviva Multi-Asset ESG Range. This range of funds has built in ESG considerations as to how they are managed. This means that investments can make a positive impact on some of the most important issues facing us today such as climate change.

Our Managed with You range allows members to build and manage their own portfolio with our Aviva Select Funds. The Aviva Select Funds have been hand-picked by our investment team and offer members a range of funds from leading managers across different investment styles and asset classes.

Meanwhile our low-cost Default Investment Strategy, My Future ESG, offers a lifestyle solution that is tailored to the member’s selected normal retirement age.

Uniquely we also offer alternative lifestyle strategies from three investment managers – Aviva Investors, Legal & General and Merrion.

Exclusive Member Benefits

Aviva provides a market leading Member Education Programme for Master Trust scheme members at no additional cost. In conjunction with the employer, we provide the material and deliver pension journey presentations – Pension Master Trust Membership, Five Years to Retirement and Post-Retirement Planning.

The Master Trust also automatically provides benefits such as access to Best Doctors and Aviva Family Care at no extra cost.

We want you to think of Aviva as your number one partner for your Master Trust customers.

Visit our Master Trust Hub to find out about all of our options or speak to your Account Manager.