Master Trust - Governance Simplified
A Master Trust is simply a defined contribution company pension scheme set up under trust. It differs from traditional DC pension schemes in that multiple employers all coexist under the one trust deed, hence the term ‘master trust’.
Why choose the Zurich Master Trust?
Companies who choose Zurich Master Trust will enjoy all the benefits of Zurich’s company pension expertise, without the need to appoint their own trustee boards to manage the associated governance and compliance requirements.
Zurich has extensive experience in providing trustee services to defined contribution schemes. This is done via our professional trustee company, Zurich
Ireland Master Trustee DAC (ZIMT) who provide trustee services for the Zurich Master Trust. Our Master Trust offers reduced effort in terms of time and cost for employers while also removing the trustee responsibilities which are increasing significantly due to IORP (Institutions for Occupational Retirement Provision) II. The Zurich Master Trust future-proofs employee pension provision by bringing expertise and dedication to scheme governance.
Governance covered
The key benefit of a Master Trust arrangement with Zurich is that all trustee duties are carried out by Zurich Ireland Master Trustee DAC (ZIMT).
ZIMT, a separate legal entity to Zurich Life Assurance plc, has a trustee board of directors comprising of five directors who are responsible for providing high quality scheme governance to the Zurich Master Trust. They follow a strict governance framework and meet formally each quarter. Their responsibilities cover the key areas of scheme governance such as:
Reviewing investment performance and the schemes default investment strategy.
Monitoring and reviewing the Registered Administrator performance.
Managing the relationships with Pensions Authority, Revenue, and the Financial Services & Pension Ombudsman.
We know most employees choose the scheme default investment strategy. That’s why selecting the right default is the critical investment decision for your pension scheme.
With the Zurich Master Trust, all members are automatically enrolled in Personalised GuidePath, Zurich’s market leading investment strategy for Company Pensions. Personalised GuidePath is built on the Prisma multi-asset funds, a fund range ideally suited for Company Pensions.
For employees who want more involvement in their pension, the Zurich Master Trust has a concise range of eight carefully selected investment funds, all actively managed, that will meet a wide range of member investment needs. For those members who wish to invest beyond these eight funds they can refer to our Master Trust fund guide for the full list of funds available. There is lots of information and supports available for employees who want to learn more about investment risk and fund options available through the Zurich Master Trust.
Over the years Zurich has always taken a positive, active approach to managing money and we are widely recognised for our excellence in investment management. Our active approach and long-term consistent track record of investment outperformance results in better retirement outcomes for scheme members. People retiring with Zurich have enjoyed better retirement pots as a direct result of our better investment returns. *
Download the Zurich Master Trust brochure here.
*Source: Zurich Life/Moneymate, February 2023
Other Governance models
At Zurich, while we believe that the Zurich Master Trust will be appropriate for most employers, we also understand that choice is important, so we enable the full suite of existing pension scheme solutions to be used. So, whether you choose the Zurich Master Trust, appoint an independent Professional Trustee company, or have a lay trustee approach, we will be able to look after you.
Technical and legal support
With ever-changing legislation and a need for improved governance, there can be more demand on you and your business. Our Pension Technical Team ensures we are up to date on all our administration, regulatory and governance obligations. Our legal experts are available to assist in setting up your company pension or to help with other issues that may arise from time to time. Our knowledgeable teams will always be on hand to help.
Award winning success
