Smart Pension surpasses £10bn assets under management

• Achieves first ‘scale test’ milestone, well ahead of the 2030 timeframe set by the Government
• Annual contributions of £1.6bn puts Smart Pension firmly on track to meet future mandatory scale thresholds ahead of schedule
• Milestone comes as Smart Pension serves 2 million savers, 100,000 employers and unveils new brand identity
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Smart Pension, one of the UK’s largest pension providers, has surpassed £10 billion in assets under management (AUM). As the fastest-growing UK master trust, this achievement represents a major milestone in the company’s growth since launching in 2014 after the introduction of auto-enrolment legislation. The company now manages the pensions of 2 million savers and 100,000 employers across the UK. 

Smart Pension is on track to meet future mandatory scale thresholds, having already surpassed the government’s initial £10bn AUM threshold well ahead of the 2030 timeframe. The company has organic growth of more than £1.6bn a year driven by regular contributions alone. It has a strong track record of acquisitions and partnerships, completing ten pension scheme consolidations in the last decade and it is reinforcing its long-term commitment to the market as a trusted provider at scale.

Central to Smart Pension’s growth has been Keystone, Smart’s proprietary technology platform, which pioneered auto-enrolment technology and enabled the company to build a modern, digitally-native pension scheme from day one. This technology has streamlined scheme administration helping to drive down costs and increase transparency in the industry. Technology-driven efficiency, seamless digital experiences and specialist support have enabled  Smart Pension to deliver industry-leading customer satisfaction, reflected in the highest Trustpilot rating among major UK pension providers. 

Smart Pension has been among the first large workplace pension providers to incorporate meaningful exposure to private markets within its default strategy, committing 15% of assets compared with the levels historically seen across much of the industry. 

Smart Pension is firmly in its next phase of growth, and has invested in a new brand identity and website that reflects its scale and ambition. Designed to be easy to navigate, and resonate with larger employers and intermediaries, as well as flexing to be more personal for individuals and smaller SMEs. This new brand identity is setting up Smart Pension for its  next chapter. 

Smart Pension is driven by people, powered by technology and built for the future.

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Minister for Pensions Torsten Bell said:

“We know our fragmented pensions system has meant people’s savings are not working hard enough. The Pensions Schemes Act is helping change that, supporting a pension landscape made up of bigger and better pension schemes that can ensure more of today’s workers have a comfortable retirement.”

Andrew Evans, Co-Founder and Group CEO of Smart, said:

“We believe technology can fundamentally transform the pensions industry. It has already enabled us to grow rapidly and build one of the UK’s largest defined contribution pension funds, alongside an international technology business, in just over a decade. As the UK pensions market approaches a trillion pounds in assets, it urgently needs the same technological overhaul that utilities and other sectors have undergone in recent years. By replacing decades-old legacy systems, we can make saving simpler for millions of people, unlock significant value across the industry, and champion UK investment.”

Jamie Fiveash, CEO of Smart UK, said:

“Reaching £10 billion AUM is a key milestone and increasingly important given the regulatory focus on scale. However, what underpins this success is our unparalleled focus on innovation to deliver an exceptional service experience, low costs and net return performance for our customers. This is what has got us to where we are today and what will get us to our next phase of high growth.”

“We are very excited about the changes laid out in the Pensions Act, which place us in a great position for continued strong organic growth alongside many emerging acquisition and partnership opportunities as the market consolidates at greater pace.”

About Smart Pension

Launched in 2015, Smart Pension now exceeds £10bn in Assets Under Management (AUM) and serves 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.