Commenting on The Pension Regulator's Annual DC Trust Report, Darren Philp, director of policy and communications at Smart Pension, said:
"Mastertrust authorisation and The Regulator’s efforts to raise standards across all schemes is changing the shape of the market and driving consolidation. This will only be of benefit pension savers.
"If we are auto enrolling people into a pension it's only right that we make sure that schemes have scale and good governance, provide value for money and the security to ensure scheme members' savings are protected. Further consolidation is inevitable as The Regulator continues to raise standards and expects the whole occupational sector to up its game."
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.