Smart Pension agrees deal with STM Group PLC
Smart Pension’s tenth proposed consolidation will bring total AUM to more than £6bn
The transfer, subject to approval from The Pensions Regulator, will see up to £545m in Assets Under Management (AUM) being transferred to the Smart Pension Master Trust. More than 300,000 current OWPT members and their employers will be able to join the Smart platform, to benefit from Smart Pension’s expertise, increased efficiencies and easy access to and control over their pension contributions through the Smart Pension app.
The transfer of the OWPT members over to Smart Pension, alongside the merging of assets in August from the recent acquisition of the Crystal Master Trust, will bring Smart Pension’s total AUM to £6bn. It is further evidence of the suitability of the Smart Pension platform for consolidation in the master trust marketplace, and represents Smart Pension’s tenth master trust consolidation.
Jamie Fiveash, CEO of Smart UK, said:
“This latest deal is a significant milestone in our growth strategy and consolidation efforts. It’s further proof of how technology can deliver better value for savers and increased efficiencies for employers.
“In the coming months, we will be working together with the Options Workplace Pension Trust to ensure a smooth transition of members and their assets into the Smart Pension Master Trust. We look forward to welcoming our new members, who will now benefit from the simplicity and flexibility that our market-leading technology brings to workplace savings.”
Alan Kentish, CEO of STM Group, said:
“For some time, we’ve been impressed by Smart Pension’s globally-recognised technology platform and the company’s dedication to member engagement. We’re confident that these create a seamless and successful transition for members to the Smart Pension Master Trust, ensuring our members are in the best of hands for the future.”
About Smart Pension
Launched in 2015, Smart Pension now exceeds £10bn in Assets Under Management (AUM) and serves over 2 million members and 100,000 employers. It is powered by Keystone, Smart’s global savings and investments technology platform.
Aquiline, Barclays, Chrysalis Investments, DWS Group, Fidelity InternationalStrategic Ventures, J.P. Morgan, Legal & General Investment Management, MUFG and Natixis Investment Managers are all investors in Smart Pension.
