Hargreaves Lansdown has partnered with Smart-owned technology platform Keystone in a multi-phase investment to upgrade its Workplace business.
According to the firms, the multi-million-pound deal will improve employer administration and allow employees to access payroll cash savings accounts, a general investment account and HL’s ISA range alongside an HL or third-party workplace pension.
The platform powers Smart Pension, the UK master trust serving 2m savers and 100,000 employers.
The partnership follows HL’s move into private ownership earlier this year. The firm says it’s focused on growing its £9bn-plus workplace assets under administration within its wider £172bn savings and investment business.
Hargreaves Lansdown CEO Richard Flint says: “We are excited to announce this technology partnership with Keystone, which will transform the client experience in our Workplace offering. This is part of our renewed ambition and investment in HL Workplace and we look forward to sharing further details in the months ahead.
“HL Workplace plays an important role in the market, offering greater choice, flexibility and financial wellbeing support than many other options, which we know results in significantly higher levels of engagement and investing outside of the default.
“This is a pivotal and exciting time for significant innovation across the sector and we see ourselves at the forefront of that innovation. We look forward to bringing a ‘next generation’ HL Workplace to significantly more UK employers and their employees through 2026 and beyond.”
“This partnership will bring even greater client experience, opening up the full range of HL products at the click of a button. We’re also pleased that our new Chief Product Officer, Doug Abbott, who joins in March will be leading our ongoing innovation in this area.
“It also reflects the ambition and enthusiasm we have for the growth potential of this segment of HL’s business.”
HL workplace solutions director Stephen Lefley says: “We see consistently compelling advocacy from our employer and employee clients based on the strength of our proposition, and are grateful for the ongoing support and counsel we receive from our EBC and corporate adviser partners.
“Whether they be innovative start-ups, or the largest employers wanting to replace or augment their current provision, our technology partnership with Keystone will enable an all-encompassing, seamless workplace proposition previously only imaginable. In light of draft regulation, it is particularly important that choice, flexibility and truly client-led options continue to be available, and we’re pleased our EBCs and many employer clients see and want the vital role HL play in the market.
“When HL is selected by an employer, the result goes far beyond basic workplace pension provision. Increasingly employees are looking to their employers to help them take control and achieve short, medium, as well as long term, financial resilience. The HL workplace offering inspires the lowest earners to save sensibly, whilst being equally as applicable to higher earners struggling to allocate what is entitled to them above annual allowances. Employers get that capability when they choose HL and now we’ll have the ability to offer the very best of HL products and services, conveniently using a single and most modern technology platform.
“Keystone already powers Smart Pension’s Master Trust so we know it is proven as being scalable and credible from day one. Customer research initiated in 2024 has helped us to refine our strategy and design, powered by the flexibility of the Keystone platform which enabled us to make the next generation of workplace pensions and savings a reality in 2026.”
Keystone CCO Andy Marshall says: “Launching this partnership with Hargreaves Lansdown is an exciting step forward for Keystone, demonstrating the strength and flexibility of our platform as well as the continued appetite for innovative retirement technology in the UK and internationally. We’re delighted to be working with the team at Hargreaves Lansdown, who share our commitment to delivering better financial outcomes for savers.
“This partnership also represents a major milestone for us as it marks our expansion beyond core pension technology, showing the platform’s scale and adaptability. It builds upon Keystone’s success and journey to date, and highlights the immense opportunity that lies ahead for us. We look forward to working closely with Hargreaves Lansdown in the years to come”.
