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Smart Pension scoops up Evolve Pensions

The leading workplace pension provider’s AUM reaches £4bn with its ninth master trust acquisition.

Smart Pensions Jamie Fiveash

Jamie Fiveash/Smart Pension.

Smart Pension is acquiring Evolve Pensions, adding with it £750m in assets and more than 128,000 members.

One of the leading UK pensions providers, Smart’s assets under management have now reached £4bn in one of the largest master trust transactions of the year.

Taking on Evolve through Crystal Trust, its master trust, accelerates Smart’s consolidation strategy just days after Chancellor Jeremy Hunt announced plans to promote more mergers in the sector.

“It is clear that 'winning' in this market means delivering better value for savers. Size and efficiency are important for that, but also great technology,” Smart UK CEO Jamie Fiveash said.

“Synergies and economies of scale allow value to be passed back both to employers and to members. Smart’s Keystone platform delivers all of this.”

Smart aims to merge the Crystal Trust with its own Master Trust over the next 12 months.

According to Fiveash, Smart’s scale will bring efficiencies and proposition improvements,

He also noted Smart’s intentions for further acquisitions as part of its growth strategy.

The acquisition marks the latest of nine master trusts in Smart’s consolidation strategy, including Ensign Master Trust, the Welplan Master Trust, the Corpad Master Trust and Corporate Pensions Trust.

“At Evolve we have always put people at the centre of everything we do. Having seen Smart Pension’s rapid rise to provide best-in-class pension technology and member experience to more than 1.1 million savers in the UK, we realised our strategies are aligned and our commitment to our employees is key,” Evolve Pensions CEO Paul Bannister said.

“We can bring exceptional value to pension savers across the UK through our heritage in the industry, and Smart Pension’s globally recognised technology, and proven membership experience capabilities. 

“Smart Pension has become recognised as the ‘consolidator of choice’ in the UK workplace pension market for good reason: they create true value for employers and members.”

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