Workplace savings innovator Smart Pension has announced it will take on some of the membership of the Corpad Master Trust following a strategic review by the Trustees.
The Leeds-based Master Trust will recommend transfer of its 20,000+ active members, 3,000+ employers schemes with £20m+ assets under management (AUM), and future contributions to Smart Pension’s Master Trust to focus on its core business as a third party administrator.
The move follows the announcement earlier this year that Smart is set to partner with the £12.5m Corporate Pensions Trust (CPT), sponsored by national financial advisory group Lighthouse, and is in talks with other providers looking to consolidate. Smart Pension sent in its application for authorisation last month.
Andrew Evans, CEO and co-founder of Smart, said:
“We’re delighted to be working with Corpad to offer its members and employers our great service as well as access to our award-winning technology.
“This latest transfer demonstrates that Smart’s technology-powered master trust offers a good quality home for master trusts large and small that are looking for a frictionless, uncomplicated solution that’s extremely user-friendly and that guarantees to sync smoothly with payroll cycles in every instance.
“We will be working closely with Corpad over the coming months.”
Trevor Best, MD at Corpad, said:
“We’re pleased to have found such a good fit and market-leading home for our members and employers. We were particularly impressed with Smart’s technology, its experience in this field, good governance, and this was a big part of our decision-making process when we were looking for a new provider. This move will allow us to focus on our core business.”
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.