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.”
Smart 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, 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.
Contact the Smart press office on 020 816 2553 or email firstname.lastname@example.org