UK’s Smart Pension, a company focused on workplace pnesions, has reportedly surpassed £6 billion assets under management (AUM).
According to the update from UK’s Smart Pension, new business wins, organic growth and strategic consolidations have led to rapid AUM growth.
Smart Pension, one of the United Kingdom’s workplace pension providers, has confirmed in a recent blog post that it exceeded £6 billion in Assets Under Management (AUM) in its master trust.
Demonstrating “consistent” AUM growth year on year, Smart Pension claims that it is one of the “largest” workplace pension providers operating in the United Kingdom.
Its “simple-to-use” app has proven “popular” with employers and members with a consistent Trustpilot rating of 4.7.
The Smart Pension Master Trust is powered by Keystone, the retirement savings technology developed by its parent company, Smart.
It is financially backed for growth by a number of FIs reportedly including household names such J.P. Morgan, Fidelity and Barclays.
Smart Pension’s AUM has grown by “20% in just seven months since announcing £5bn in AUM earlier in 2024.”
This has been achieved through a combination of investment growth, new business wins and “strategic master trust consolidations.”
This includes the acquisition of Evolve Pensions, involving the “transfer of more than 130,000 members from the Crystal Trust.”
Jamie Fiveash, CEO of Smart UK, said that it’s a testament to Smart Pension’s proposition that they have been able to secure “new clients and acquisitions, whilst continuing to deliver great value, … and an intuitive experience for members and employers.”
They added that Smart Pension has become the ‘go-to’ consolidator, having recently completed their ” ninth master trust consolidation, and soon to complete their tenth.”
Alongside a stream of clients, this means they’re accelerating towards £10bn AUM at “a rapid pace, and in the process, helping to provide a better retirement for people across the UK.”
Launched in 2015, Smart Pension now reportedly “serves over 1.4 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.”
