Smart Pension is set to receive a transfer of more than 20,000 members of the Corpad Master Trust following a strategic review by the trustees.
The Leeds-based master trust will recommend transfer of its 20,000-plus active members, across 3,000-plus employers schemes to Smart Pension’s AutoEnrolment.co.uk Master Trust (AEMT) to focus on its core business as a third party administrator.
The scheme has over £20m assets under management (AUM). The level of consideration for the transaction has not been disclosed.
The move follows the announcement earlier this year that Smart is set to partner with the £12.5m Corporate Pensions Trust (CPT), sponsored by national financial advisory group Lighthouse, and is in talks with other providers looking to consolidate.
Smart Pension sent in its application for authorisation in March.
Smart CEO and co-founder Andrew Evans says: “We’re delighted to be working with Corpad to offer its members and employers our great service as well as access to our award-winning technology.
“This latest transfer demonstrates that Smart’s technology-powered master trust offers a good quality home for master trusts large andsmall that are looking for a frictionless, uncomplicated solution that’s extremely user-friendly and that guarantees to sync smoothly with payroll cycles in every instance.
“We will be working closely with Corpad over the coming months.”
Corpad MDTrevor Best says: “We’re pleased to have found such a good fit and market-leading home for our members and employers. We were particularly impressed with Smart’s technology, its experience in this field, good governance, and this was a big part of our decision-making process when we were looking for a new provider. This move will allow us to focus on our core business.”