LifeSight Pension Reviews, Transfers, Drawdown and More

LifeSight is the UK’s first master trust pension scheme, established by the global advisory firm WTW (Willis Towers Watson). As a "master trust," it is a multi-employer pension scheme designed to handle the complex governance and investment needs of some of the UK’s largest corporations.

In 2026, LifeSight is recognised for its high-tech approach to retirement planning, specifically its ageOmeter tool, which helps members visualise exactly when they can afford to stop working. Whether you are a current employee or a deferred member with an old pot, understanding the unique structure of LifeSight is key to making the most of your savings.

If you are wondering whether LifeSight is the right option for your pension investments, get in touch below and one of our independent financial advisers will review this for you.

LifeSight Pension Products & Investment Strategies

LifeSight is primarily a workplace pension provider, but its structure offers members significant flexibility similar to a private SIPP:

1. The LifeSight Account

This is your individual pot within the Master Trust. Your employer and you contribute to this account, which is then invested according to your chosen strategy.

2. Investment Choice (Lifecycle vs. Freechoice)

LifeSight offers a "spectrum of control" depending on how involved you want to be:

• Lifecycle Strategies (Default): These are "set and forget" options. As you move through your career, the fund automatically shifts from higher-risk growth assets to lower-risk assets as you approach your "LifeSight Age."

• Freechoice: For more experienced investors, you can build your own portfolio from a curated list of "building block" funds covering global equities, bonds, and ESG-focused assets.

3. Sustainable Investing

LifeSight is a leader in integrating ESG (Environmental, Social, and Governance) factors into its default strategies, ensuring that members' retirement savings are aligned with global sustainability goals.

Putting a LifeSight Pension into Drawdown

LifeSight was one of the first workplace providers to offer full Flexi-access Drawdown directly within the scheme, meaning you don't necessarily have to transfer to a new provider to take your income.

• The Drawdown Process: Once you reach age 55 (rising to 57 in April 2028), you can normally take up to 25% of your pot as a tax-free lump sum. The remainder stays invested in a "Spending" phase fund.

• The ageOmeter Tool: This tool remains active during retirement, helping you see how different withdrawal rates will affect the longevity of your pot.

• Withdrawal Flexibility: You can set up regular monthly income or take occasional lump sums (UFPLS) as and when you need them.

Alternatives to Drawdown

• Annuities: While LifeSight doesn't provide annuities directly, they can facilitate the transfer of your funds to a provider like Canada Life or Legal & General if you decide you want a guaranteed income for life.

• Cash Sums: Taking your entire pot as cash (though this is typically only tax-efficient for very small pots).

• Blended Approach: Using some of your pot for a guaranteed income and leaving the rest in drawdown for potential growth.

Reviewing an Existing LifeSight Pension

If you have a LifeSight pot—perhaps from a previous employer like Microsoft, Vodafone, or AXA—a periodic review is essential:

1. LifeSight Age Alignment: The system uses a "Target Retirement Age" to manage your investments. If this is still set to 65 but you plan to retire at 60, your money might be in the wrong funds.

2. Fee Transparency: While LifeSight is known for competitive fees due to its scale, a review can determine if the Annual Management Charge (AMC) you are paying is still the best value compared to modern SIPPs.

3. Governance Check: As a Master Trust, LifeSight is overseen by an independent board of trustees. A review ensures you are aware of any recent changes to the investment managers or scheme rules.

Transferring To and From LifeSight

Transferring INTO LifeSight

LifeSight encourages consolidation through its "Transfer-In" tool.

• The Benefit: Bringing multiple old pots into LifeSight can lower your overall management costs and allow you to use the ageOmeter to see your total "retirement readiness."

• The Process: You can request a Transfer-In pack via the member portal. Most transfers from major providers are handled electronically and take 2 to 3 weeks.

Transferring OUT of LifeSight

If you leave your current employer or want a wider range of investment options (such as individual shares or commercial property), you can transfer out.

• No Exit Fees: LifeSight generally does not charge a fee to transfer your money to another registered UK pension scheme.

• Potential Delays: Some members have reported that manual transfer-out requests can be slower than electronic ones. It is often helpful to have an IFA monitor this process to ensure your funds reach their new home promptly.

Pros, Cons, and Customer Reviews (2025-2026)

The Pros

• Innovation: The ageOmeter is widely considered one of the best retirement planning tools in the industry.

• Low Fees: Leveraging the scale of WTW often results in very competitive investment charges.

• Engagement: Excellent educational webinars and "live chat" support for members.

The Cons

• User Interface: Some members report that the app and website can feel "clunky" or outdated during high-traffic periods.

• Service Speed: While call center feedback is generally positive, some members have noted delays in processing complex transfer-out requests.

What Customers are Saying

"The ageOmeter is brilliant. For the first time, I actually understand when I can afford to retire rather than just looking at a balance." — Trustpilot Review, Jan 2026

"Had a bit of trouble with my login after moving jobs, but the support team (shoutout to Rosie!) was incredibly patient and got me back online in minutes." — Member Feedback, Dec 2025

How Our IFA Service Can Help

At Money Helpdesk, we connect you with Independent Financial Advisers (IFAs) who provide the personalised, expert guidance that a workplace scheme cannot. While LifeSight provides great tools, they cannot give you "advice" on whether their funds are the absolute best for your specific tax and family situation.

Our IFA service helps you by:

1. Independent Performance Audit: We compare LifeSight’s Lifecycle strategies against the wider market to ensure you are getting the best risk-adjusted returns.

2. Consolidation Management: We handle the paperwork for moving multiple old pots into (or out of) LifeSight, ensuring no valuable old benefits are lost.

3. Tax Optimisation: Specifically for 2026/27, ensuring your contributions and withdrawals are timed to minimize your tax liability.

4. Complex Drawdown Planning: For those with larger pots, we build a bespoke strategy that bridges the gap between the LifeSight app and your real-world financial goals.

Get started here to begin a free, no-obligation chat with an independent financial adviser who can offer impartial guidance on whether LifeSight is the right option for your pension needs.