Online auto enrolment provider Smart Pension has announced it has taken over sponsorship of pension firm GenLife's Master Trust with immediate effect.
The fast-growth pension platform, which has invested in advanced technology to help thousands of small British firms enrol, has been working closely with The Pensions Regulator (TPR) to ensure the seamless transition of the GenLife member base.
It is believed to be the first such deal in the new auto enrolment sector as the market grapples with the influx of 1.8 million small firms seeking compliance with new pension regulations.
Smart Pension CEO and co-founder Andrew Evans said: "We welcome these new members to our auto enrolment solution and will ensure continuity of contributions, in line with our general proposition for smaller employers."
"This deal demonstrates our long-term commitment to becoming a key player in the auto enrolment industry, where scale and stability are key. This move enhances both for members of the GenLife Master Trust and our existing AutoEnrolment.co.uk Master Trust."
GenLife launched its Pensions and Savings Portal in March. "Smart Pension shares the same ethos as we do and there are many synergies," says Nick Ayton, Managing Director & founder at GenLife. "They are clever people and passionate about delivering great services and value for pension members. From an employer and adviser"s perspective it is business as usual and employees" pension funds will remain with Legal & General".
Will Wynne, Managing Director and co-founder of Smart Pension commented: "GenLife"s technology platform is excellent with many innovative features, in particular for advisers and payroll providers. We will continue to support the platform as we work to fine tune the best proposition, with our priority being in maintaining high satisfaction levels for all advisers, employers and employees." Smart Pension expects to see integration completed over the next few months.
Last month Smart Pension brought in former Pension Protection Fund (PPF) delivery director Peter Walker to oversee implementation and compliance, as well as to ensure a seamless integration of the GenLife master trust and members with the Smart Pension platform.
Walker has a vast technical experience of the finance and pensions markets and is helping the firm work towards Master Trust Assurance Framework (MAF) accreditation for its online auto enrolment service together with other ratings including those offered by Pension Playpen.
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.