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."
Smart is a global savings and investments technology platform provider. Co-founded in 2014 by Andrew Evans, Group CEO, and Will Wynne, Group MD, it is one of the UK's largest providers of workplace pensions. Its award-winning master trust, Smart Pension, is overseen by independent professional trustees.
In 2020 Smart Pension was named Master Trust Offering of the Year at the Pension Age Awards. Other awards include DC Master Trust of the Year, DC Innovation of the Year and Retirement Innovation of the Year in the 2019 UK Pensions Awards. Smart Pension was also named European Pension Fund of the Year 2019 in the European Pension Awards.
Legal & General Investment Management (LGIM), J.P. Morgan, Link Group, Natixis Investment Managers and Barclays are all investors in Smart.
We tweet as @SmartPensionUK.
Contact the Smart press office on 020 8016 2553 or email firstname.lastname@example.org