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Last updated on: 26 March 2020
Global financial markets are currently volatile because of fears about the spread of coronavirus. We expect this uncertainty to continue over the next few months as the government tries to tackle the growing number of cases and our NHS responds to the increasing demand for treatment.
As a responsible business, we are following government advice to ensure the safety of our staff, customers and members. This is of paramount importance to us. We also understand that unsettled markets can be scary for our customers and we would like to reassure them that we are here to help.
We will use this page to keep you updated on:
How has our customer support function been affected?
Everyone who works for Smart Pension is now working remotely, including our customer support staff. We continue to operate our help centres for advisers, employers and members. We intend to monitor the situation closely and will have regular business continuity meetings to ensure we make the right decisions, at the right time.
Please be aware that our phone lines may be busier than normal due to increased call volumes. You can find answers to frequently asked questions by visiting our online help centre or by signing in to your Smart Pension account.
How will the coronavirus outbreak affect employers, advisers and others who rely on our services?
As a technology company, we are well-placed to carry on business as usual remotely and not at all reliant on any one of, or all of, our offices to continue serving our customers. You shouldn’t therefore notice any difference in communicating with us, even though all Smart Pension staff are now working remotely.
We will continue to follow advice issued by the government and NHS, and will keep you updated with our plans.
The government has not mentioned any specific regulation changes for businesses in relation to pension payments, but we are speaking to The Pensions Regulator on behalf of our customers who use our master trust arrangement. We are also seeking clarity about whether furlough payments are treated as earnings for the purpose of calculating contributions. We will update this page with further information as soon as we hear from them.
How will the outbreak affect pension scheme members?
We have reminded our members that it is important to remember that their pension is a long-term investment and that it’s normal to see the value of their savings go up and down in the short term.
We have reminded younger savers, who may be concerned about how recent events may affect their pension, that there is plenty of time for markets to correct themselves and for their savings to grow.
We have explained to members who are approaching retirement, and who may be concerned about their pension savings falling in value, that our model investment strategy is designed to protect their money as they approach their selected retirement age. When they get closer to retirement, we move their money into lower-risk funds so that their pension savings become less likely to fall in value. Although we can’t guarantee that the value of their pension savings won’t go down in value when invested in these lower-risk funds, they are less likely to.
Where you can find more information
If you are an adviser or employer:
If you are a member:
How to contact us
Email us – email@example.com
Call us – 0333 666 20 20
Email us – firstname.lastname@example.org
Call us – 0333 666 2323
Email us – email@example.com
Call us – 0333 666 2626
The Smart Pension team
Smart Pension is a global savings and investments technology platform provider. Co-founded in 2014 by Andrew Evans, CEO, and Will Wynne, MD, it is one of the UK's largest providers of workplace pensions. Its award-winning master trust is overseen by independent professional trustees. In 2016, Europe’s second largest asset manager Legal & General Investment Management (LGIM) took a minority stake in the digital pension platform, part of a move by LGIM to invest in high-achieving, innovative technology that has a positive impact on the wider economy. In January 2019 J.P. Morgan invested as part of a strategic investment round and in November 2019, Link Group, the leading administrator in the Australian superannuation industry, invested as part of strategic partnership.
In 2019 Smart Pension was named DC Master Trust of the Year, DC Innovation of the Year and Retirement Innovation of the Year in the UK Pensions Awards. It was also named European Pension Fund of the Year 2019 in the European Pension Awards.
Contact Alana Stuart on 07961 514363 or email firstname.lastname@example.org