Smart Pension continues to expand its footprint in the UK workplace market with the acquisition of Options Master Trust.
This is Smart Pension’s 10th consolidation into the trust, and will bring total assets under management to more than £6 billion.
Smart Pension says it has agreed a deal with STM Group, the funder of Options Workplace Pension Trust (OWPT) to take on its members through a bulk transfer. This deal, which is subject to approval from The Pensions Regulator, will see up to £545m of assets being transferred to the Smart Pension Master Trust.
As a result more than 300,000 current OWPT members and their employers will be able to join the Smart platform and use the company’s app.
Smart Pension has acquired a number of smaller master trust providers in recent years, including Evolve Pensions, which ran the Crystal Master Trust, the Ensign master trust and Welplan Pensions master trust.
Smart UK CEO Jamie Fiveash says: “This latest deal is a significant milestone in our growth strategy and consolidation efforts. It’s further proof of how technology can deliver better value for savers and increased efficiencies for employers.
“In the coming months, we will be working together with the Options Workplace Pension Trust to ensure a smooth transition of members and their assets into the Smart Pension Master Trust. We look forward to welcoming our new members, who will now benefit from the simplicity and flexibility that our market-leading technology brings to workplace savings.”
STM Group CEO Alan Kentish adds: “We’ve been impressed by Smart Pension’s technology platform and the company’s dedication to member engagement. We’re confident that these create a seamless and successful transition for members to the Smart Pension Master Trust, ensuring our members are in the best of hands for the future.”
