Smart Pension, which claims to be one of the UK’s leading workplace pension providers, announces the appointment of Eve Read, Senior Director of Strategic Delivery, to the new industry coalition, the Pension Equity Group.
Today marks the launch of the Pensions Equity Group (‘PEG’), a new coalition of over twenty leading pension companies and organisations, “working together to tackle pensions inequalities in the UK.”
The Group has been “launched in recognition that many in our society are not saving enough for retirement.”
Working together in collaboration, the Group aims to achieve the following objectives:
- Developing a way of consistently measuring pensions inequalities, beginning with the
- Gender Pensions Gap before expanding to other pensions inequalities.
- Working with government and policymakers to achieve positive change.
- Sharing best practice approaches to help employers address inequalities.
- Finding practical tools to empower individuals, such as planning tools and guidance.
- Highlighting potential industry product developments that will help drive greater equity for individual savers.
To meet these ambitions, the group has “been structured into four workstreams, covering Data & Research, Government & Policy, Communications & Awareness and Product Changes, with representatives from across the industry meeting on a monthly basis to deliver for each workstream.”
Eve Read will “co-chair the Product workstream.”
The Group will be “chaired by Kim Brown, Pension Scheme Director at Legal & General, with the Steering Committee meeting on a quarterly basis to provide an update on progress.”
The Pensions Equity Group “brings together companies and organisations from across the pensions industry, including: Abrdn, Aegon, Aon, Arc Pensions Law, Aviva, Barnett Waddingham, Dalriada Trustees, Hymans Robertson, Legal & General, LCP, Mattioli Woods plc, MFS Investment Management, NOW: Pensions, Pinsent Masons, Pensions Policy Institute, PLSA, Quietroom, Royal London Group, Smart Pension, Sackers, Scottish Widows, WTW and USS.”
Welcoming the launch of the Pensions Equity Group, Laura Trott OBE, Minister for Pensions said:
“It’s great to see the pensions industry coming together to help millions more people save for their futures. This government has transformed pension saving with Automatic Enrolment, especially for low earners, young people, and women. Now we must build on this progress by expanding Automatic Enrolment to help even more people prepare for their future and start saving earlier. Crucially, we are also developing our understanding of the Gender Pensions Gap so we can report on it regularly, tackle this disparity and give everyone the retirement they deserve.”
Eve Read, Senior Director of Strategic Delivery at Smart said:
“In the decade since the introduction of auto enrolment in the UK, we’ve seen millions of people saving for retirement for the first time. However, despite the initiative’s success, millions still feel they aren’t saving enough into their pension. Through the Pensions Equity Group, we will continue to push for and implement changes that will tackle these savings gaps and inequalities effectively. I’m delighted to join the group and chair the Product Changes workstream. It’s critical that we continue to develop solutions aimed at changing the retirement landscape for the better, particularly for those who face the greatest challenges.”
Kim Brown, Chair of the Pensions Equity Group commented:
“Tackling pension inequality requires us to come together as an industry, bringing our shared expertise to bear on the systemic barriers that disproportionately impact many across our society. Everyone deserves the opportunity to secure a better retirement, irrespective of their gender or background. On behalf of the group, I’m proud that we have come together to use our collective experience and resources to play our part in helping to promote greater pensions equity for the benefit of all our members, and we would encourage others across the industry to join us and make a difference.”
Launched in 2015, the Smart Pension Master Trust has “grown AUM by more than 2,000% in four years, and serves one million members and 70,000 employers.”
It is powered “by global savings and investments technology platform provider, Smart.”
Aquiline Capital Partners, Legal & General Investment Management, J.P. Morgan, Link Group, Natixis Investment Managers, Barclays, Chrysalis Investments, DWS Group, and Fidelity International Strategic Ventures “are all investors in Smart.”