The Lewis Workplace Pension Trust partners with Lumera to transform pensions administration
Lumera, a leading insurtech company dedicated to the digital transformation of the European Life and Pensions industry, has partnered with The Lewis Workplace Pension Trust (TLWPT) to drive digital transformation within the Defined Contribution (DC) pensions space. TLWPT is the first UK master trust to migrate to the Lumera pensions administration platform, marking a significant milestone for both parties.
In a highly competitive and consolidating market, TLWPT has set out to create a best-in-class administration solution, leveraging the platform to differentiate itself from the competition. Concurrent with completing its Lumera implementation in just over six months, TLWPT has moved to internally managed administration from its previous external service provider.
As a result, TLWPT offers enhanced member and employer experiences across all aspects of the management of the master trust.
“Through our great partnership with Lumera, we attain low cost of service by virtue of a highly scalable platform capable of automating almost everything for us,” says Tim Lewis, Founder of The Lewis Workplace Pension Trust. “Becoming Lumera’s first UK client comes with the benefit of their experience from serving over 20 million members across Europe. With strong investment performance, taking control of our administration was the next natural step, a move which is greatly facilitated by this solution.”
The adoption of Lumera has enabled straight-through processing with automated functionality including contribution validation, full reconciliation and reporting, as well as investment operations (default and advised risk rated).
Previously, TLWPT had to rely on several trusted third parties, which entailed multiple, disjointed systems, technology and manual solutions. Internally managed administration gives the master trust full control over the member experience and employer management, whilst gaining operational independence with direct oversight of operations and data governance. Regulatory compliance also benefits from these capabilities.
“We are delighted to be supporting TLWPT and transforming their experience,” says Peter Roos, Chief Commercial Officer, Lumera Group. “With a scalable technology infrastructure in place to accommodate growth, new functionality and easy integration with pension dashboards, we demonstrate how Lumera has addressed the needs of the UK market for providing future-proof administration platforms.”
Following the implementation project, which was carried out by Lumera from its UK offices, TLWPT and Lumera have together planned and launched a rolling programme for adding new features, facilitated by advanced API capabilities provided by Lumera.
