In 2019 Scottish Widows launched its Master Trust product in response to industry analysis of trust based market and specifically the impact on increased regulatory and legislative intervention in the single trust market. The consequence of these changes will be an increase in trustee and Employer accountability, increased Employer costs and an increasingly sophisticated environment of controls. Master Trust is firmly established in the market as the accepted solution and represents a significant opportunity to attract new assets. Scottish Widows has targeted a market share of 15% over the next three years.
The core purpose of the role is to develop and manage relationships within the trust-based DC market focusing on specialist legal and trust professionals.
You'll have expert level knowledge and experience of Trust and Master Trust environment, will understand the role of professionals supporting trust-based schemes and will engage with trustees. He/she will preferably have a profile within the industry to improve SWs position as a credible provider in the Master Trust market.
The Master Trust market has a limited number of high quality propositions; it is highly driven and very active. Over the last 12 months in excess of £2bn of new opportunities have come to market. Whilst SW continues to invest and evolve its proposition we lack an eminent presence in the market to compete with well-regarded and established operators. In the last quarter SW failed to move beyond initial enquiry on £200m of new opportunities and we estimate that over £700m of new opportunities in the market have not been presented to SW; this reflects a lack of profile amongst the professional community in this market. This compounds our issues and impedes progress towards realising our ambitions in the trust market, in short it necessitates the requirement to introduce a role soonest to ensure we address the deficiency.
This role is a new role crafted specifically to focus on origination opportunities from the Trustee community focussed on building Master Trust in Workplace Pensions. We have nobody internally with this skill set and despite some upskilling efforts last year, its proven too specialist an area where we need someone with the network and experience in this area.
Our Benefits Package
Our continued commitment to helping Britain prosper means that as a colleague you can make a difference to customers, businesses and communities.
Together we have a key role to play in shaping the bank of the future, whilst the scale and reach of our Group means you'll continue to have opportunities to learn, grow and develop.
We're focused on creating a values-led culture, and our approach to inclusion and diversity means that we all have the opportunity to make a real difference, together.
Together we make it possible!