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Smart Pension acquires GenLife

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18th Sep 2015
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Smart Pension has announced it has acquired sponsorship of  GenLife’s master trust with immediate effect to increase it's capacity to cope with the influx of 1.8 million small firms seeking compliance with AE.

Smart Pension has been covered on AccountingWEB previously. The firm targets small and micro businesses and makes its money from a “asset under management charge” which is set at 0.75% of whatever the employee’s contribution is.

In a statement, Smart Pension said they’re now consulting closely with The Pensions Regulator (TPR) to ensure a smooth transition of the GenLife member base. According to the company, the deal now positions Smart Pension now as the biggest provider specialising in small and micro firms.

“We welcome these new members to our auto enrolment solution and will ensure continuity of contributions, in line with our general proposition for smaller employers,” said Smart Pension CEO and co-founder Andrew Evans.  

GenLife launched its Pensions and Savings Portal in March this year. “Smart Pension shares the same ethos as we do and there are many synergies,” said Nick Ayton, managing director and founder of GenLife. “From an employer and adviser’s perspective it is business as usual and employees’ pension funds will remain with Legal & General.”  

Smart Pension expects to see integration with GenLife completed over the next few months. Last month Smart Pension brought in former Pension Protection Fund (PPF) delivery director Peter Walker to oversee the integration of the GenLife master trust and members with the Smart Pension platform.

AccountingWEB has launched the No-one gets left behind campaign to alert as many accountants as possible to the obligations implied by auto enrolment. Read our simple eight-point statement which sets out the auto enrolment facts you need to know.

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By Henry Tapper
20th Sep 2015 14:50

Well done Smart Pensions

Generation Life clearly needed a lifeboat and it is good to see Smart Pensions providing it.

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