Following an active acquisition policy Smart Pension now has more than 1.5m members in its master trust.
This puts it in the top five of DC master trusts in the UK, in terms of membership. Smart Pension recently completed the transition of Evolve Pensions into the trust, which involved the transfer of over 130,000 members from the Crystal Trust.
Smart Pension says the number of members looks set to pass the 2m mark by the end of 2025, with the consolidation of the assets and 300,000 members from Options Master Trust.
This will have seen the master trust double its number of members in just three years having passed the 1m membership mark in November 2022.
Next month Corporate Adviser will publish its annual Master Trust and GPP report, which will give updated figures across the market, on the size of leading providers both in terms of number of active and deferred members as well as assets under management.
The market as a whole had grown exponentially in recent years, due to auto-enrolment, but size is becoming a critical issue with government policy looking to drive further consolidation in the market. In last year’s Mansion House Chancellor Rachel Reeves proposed workplace pensions have a minimum size of £25bn to drive investment into private markets and productive finance.
Smart Pension launched in 2015 in response to the implementation of auto enrolment legislation.
Smark UK CEOJamie Fiveash says: “The value and efficiency we can provide as we scale means we can continue to put savers at the forefront of everything we do. We’ve proven we can onboard schemes and employers of any size efficiently, and it’s rewarding to see that Smart Pension is now helping over 1.5 million members with over £6 billion in retirement savings.
“This means we’ve grown 5,900 per cent in my time at Smart Pension and we’re set to continue on this path to achieve even greater scale whilst ensuring innovation thrives and maintaining the best customer service among our competitors.”
