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 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.
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