Barclays announced on Thursday it has joined forces with UK-based online pension provider Smart Pension to provide its network of 1,100 businesses with access to the Smart Pension platform.
“Businesses that sign up through Barclays will be able to offer their employees access to the bank’s proprietary Global Market Funds, which invest in a broad range of asset classes and are managed by the same team of investment experts that look after the bank’s Wealth clients.”
Barclays further explained that once signed up, Smart Pension offers an online portal for both the employer and employee, so that individuals can easily manage their participation in the scheme. The portal can be integrated with other administrative programs, such as payroll, admin, reporting, and compliance capabilities. Speaking about the collaboration, Jamie Fiveash, UK CEO at Smart Pension, stated:
“This is an important milestone for us as a business. Not only do we get to offer Barclays customers a simple pension solution to ensure small businesses meet their auto enrolment obligations, but we also have the privilege of calling them our partner through the strategic investment made. We are excited to see what the future holds for both of us but more importantly we are excited to deliver the opportunity of a successful retirement for all participants.”
Hannah Bernard, Head of Barclays Business Banking, added:
“For many busy small business owners, getting to grips with pensions can seem daunting, particularly when they’re juggling a long list of competing business priorities. We hope this partnership with Smart Pension will save many of our customers’ time, and take the stress out of the process. Offering a great pension scheme can help attract and retain talent, and support the growth of your business.”
Barclays notably has a package of support available for SMEs to help them recover from the COVID-19 pandemic. The bank has so far lent more than £12 billion through the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS) to over 330,000 businesses across the UK.