Smart Pension’s tenth proposed consolidation will bring total AUM to more than £6bn
Smart Pension, one of the UK’s leading workplace pension providers, today announces that it has signed a commercial agreement with STM Group, to take on members of the Options Workplace Pension Trust (OWPT) to the Smart Pension Master Trust through a bulk transfer.
The transfer, subject to approval from The Pensions Regulator, will see up to £545m in Assets Under Management (AUM) being transferred to the Smart Pension Master Trust. More than 300,000 current OWPT members and their employers will be able to join the Smart platform, to benefit from Smart Pension’s expertise, increased efficiencies and easy access to and control over their pension contributions through the Smart Pension app.
The transfer of the OWPT members over to Smart Pension, alongside the merging of assets in August from the recent acquisition of the Crystal Master Trust, will bring Smart Pension’s total AUM to £6bn. It is further evidence of the suitability of the Smart Pension platform for consolidation in the master trust marketplace, and represents Smart Pension’s tenth master trust consolidation.
Jamie Fiveash, CEO of Smart UK, said:
“This latest deal is a significant milestone in our growth strategy and consolidation efforts. It’s further proof of how technology can deliver better value for savers and increased efficiencies for employers.
“In the coming months, we will be working together with the Options Workplace Pension Trust to ensure a smooth transition of members and their assets into the Smart Pension Master Trust. We look forward to welcoming our new members, who will now benefit from the simplicity and flexibility that our market-leading technology brings to workplace savings.”
Alan Kentish, CEO of STM Group, said:
“For some time, we’ve been impressed by Smart Pension’s globally-recognised technology platform and the company’s dedication to member engagement. We’re confident that these create a seamless and successful transition for members to the Smart Pension Master Trust, ensuring our members are in the best of hands for the future.”
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