Rapid expansion of Smart Pension brings it to over £9.3bn AUM
Smart Pension, one of the UK’s leading workplace pension providers, today announces the successful completion of the bulk transfer of assets and members from the Options Workplace Pension Trust (OWPT) into the Smart Pension Master Trust.
The move brings an additional £650m in Assets Under Management (AUM) to Smart Pension. This marks another major step in the company’s continued growth as it moves within touching distance of reaching £10bn AUM by the end of the first half of 2026, cementing the company’s position as the industry’s consolidator of choice.
The consolidation of OWPT comes weeks after Smart Pension announced that it had acquired the WS Stakeholder Pension Scheme, from Waystone Management (UK) Limited. The acquisition of the stakeholder scheme, by a DC master trust, was the first of a new wave of potential consolidations and paves the way for further similar contract to trust consolidations.
The OWPT transfer was delivered through Smart’s proprietary Keystone platform, which enabled the swift and seamless migration of data, assets and member records. The deal represents one of the largest master trust to master trust consolidations of the year so far, demonstrating the platform’s suitability for large-scale consolidations.
Transferred individuals and businesses now have access to all the benefits offered by Smart Pension, including its app, enabling easy management of pension savings for members and efficient contribution management for employers and advisers. Savings will now be overseen by the Smart Pension Trustee Board, ensuring continued and independent governance over members’ workplace pensions.
This acquisition is the latest in Smart Pension’s consolidation strategy, which now includes 10 former master trusts including the Crystal Trust, Ensign Master Trust, the Welplan Master Trust, the Corpad Master Trust and Corporate Pensions Trust.
Jamie Fiveash, CEO of Smart UK, said: “We’re delighted to complete this transfer and welcome our new members and employers to Smart Pension. It’s an important milestone and further evidence of the strength of the Keystone platform and our consolidation strategy. With assets now nearly at £10bn, and positive regular contribution flows of £1.6bn per annum, we are on track to achieve the scale target of £25bn well before 2035, based on organic growth alone.
“The Master Trust has grown sustainably in excess of 30% per annum for some years now. In 2026 we expect this to be no different, with strong momentum in both AUM and membership, and a healthy pipeline of opportunities. As we grow, our focus remains on delivering outstanding value for savers and providing employers with a dependable, modern pension experience.”
Kem Hogg, Group CEO of Global Pension Corporation, said: “GPC are proud to share the news that OWPT members and employers have been successfully transferred to Smart Pension after an extensive and robust process. The two teams have worked collaboratively to ensure that member interests remained at the centre of this significant transfer while continuing to support and provide high levels of customer service to employers throughout.”
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