Smart Pension, the fast-growing UK-based retirement technology platform and workplace pension provider, and new employee benefits platform, WorkLife by OpenMoney, have launched a new partnership today, in which WorkLife is named as a preferred partner of Smart Pension.
As one of the largest workplace pension providers in the UK operating a master trust for hundreds of thousands of members, Smart Pension understand that pensions can be complex and the industry is slow to innovate. That’s why we’ve taken a different approach – by putting our customers first by helping them to have a better understanding and control of their finances through technology.
WorkLife, a new employee benefits platform created for small businesses and their workers, launches today offering a range of benefits and services usually only available to staff at big corporate firms. Chief among these benefits will be free financial advice, offering people much needed support during these difficult times.
The WorkLife platform is simple for employers to set up online, linking up with payroll information and workplace pensions, so employees can see all their benefits and salary in one place. Employers can even add their own benefits and rewards. The platform can be used to communicate with workers to keep them up to date with their total benefits package and new products.
The two fintech businesses modernizing the pensions and employee benefits industries are teaming up to support businesses and their workers with a range of benefits and services as they cope with the effects of the COVID-19.
Many of WorkLife’s clients are required to provide their employees with a pension through automatic enrolment. This is another layer of admin for business owners to contend with, and so this partnership will provide the opportunity to make use of Smart Pension’s simple service at a preferential rate.
Paul Bucksey, Director of Distribution at Smart Pension, says:
"Smart Pension and WorkLife share a common goal to make life easier for employers and their employees. We look forward to working with OpenMoney's WorkLife platform to provide clients with a high-quality, tech-enabled workplace pension"
Robert Marshall, Managing Director of WorkLife, says:
"We created WorkLife to help small businesses support their employees in the same way larger businesses have been able to do so for years. Having an innovative workplace pension partner is a key pillar of our strategy – and Smart Pension was an easy choice. Our partnership allows us to provide a total workplace solution to businesses of any size, at an affordable cost."
Launched in 2015, Smart Pension exceeds £4bn in assets under management (AUM) and now serves over one million members and more than 70,000 employers. It is powered by Keystone, Smart’s global savings and investments technology platform.
Aquiline Capital Partners, Barclays, Chrysalis Investments, DWS Group, Fidelity International Strategic Ventures, J.P. Morgan, Legal & General Investment Management, Link Group and Natixis Investment Managers are all investors in Smart Pension.