Smart Pension, one of the UK’s workplace pension providers serving more than 1.4 million UK workers, and Wahed, the Islamic digital investment platform, have launched a new campaign supporting greater diversity and inclusion within workplace pension schemes.
The initiative encourages Muslim employers and savers to “consider a halal workplace pension to ensure that every saver in the UK has access to good retirement outcomes.”
Last month Smart Pension and Wahed launched the Halal Workplace Pension.
The collaboration reportedly meets the “unmet demand for modern, Shariah-compliant workplace pensions from Muslim employers and among the UK’s 3.9 million-strong Muslim population.”
The Halal Workplace Pension is described as being “the first of its kind from a major DC master trust.”
The new offering adheres to Shariah principles and “offers a managed investment glidepath as the default investment option.”
The Muslim population reportedly has “the youngest age profile of any faith group in the UK, with an average age of 27, significantly younger than the UK’s general population.”
In 2021 the Office for National Statistics found “that 84.5% of Muslims in the UK were 50 or under, compared with 62% of the overall population.”
However, one third of Muslim employees “don’t have a workplace pension, with 78% citing concerns around Shariah compliance.”
Dan Barker, Chief Marketing Officer of Smart, said:
“At Smart Pension we are committed to ensuring that workplace pensions are diverse and inclusive, and give access to good retirement outcomes to every saver in the UK. British Muslim employers and employees have been missing out on a fair investing landscape for too long, with little choice when it comes to investing their pension. This has left many Muslims in the UK feeling disconnected from financial services as well as their pensions. We hope this campaign resonates with Muslim employers and the UK’s Muslim population and encourages them to consider a halal workplace pension.”
Syed Ahmed, Head of UK of Wahed said:
“We’re delighted to be launching this new advertising campaign with Smart Pension. Wahed’s mission of financial inclusion through accessible and faith-based investing is further strengthened through our collaboration with Smart Pension. This pioneering pension scheme ensures equitable opportunities for Muslims, adhering to Shariah principles. It represents a significant step towards levelling the pensions landscape and nurturing financial empowerment.”
Launched in 2015, Smart Pension exceeds £5bn “in assets under management (AUM) and now serves over one million members and more than 70,000 employers.”
It is powered by Keystone, Smart’s global savings and investments technology platform.
Aquiline Capital Partners, Barclays, Chrysalis Investments, DWS Group, Fidelity International Strategic Ventures, J.P. Morgan, Legal & General Investment Management, Link Group and Natixis Investment Managers are “all investors in Smart Pension.”
