Smart Pension, London, acquired Evolve Pensions along with its defined contribution multiemployer plan Crystal Trust, a spokeswoman confirmed.
Terms of the deal were not disclosed.
With the acquisition of Evolve, Smart Pension will boost its DC assets to £4 billion ($5.2 billion). The Crystal Trust has more than 128,000 plan participants and £750 million in assets.
"The acquisition of Evolve Pensions is a further acceleration of our successful consolidation strategy, which has been consistently delivering for a number of years," said Jamie Fiveash, CEO of parent company Smart U.K., in a news release Monday. "It is clear that 'winning' in this market means delivering better value for savers,"
"The team will also help us with our ambitious growth plans, which will see further acquisitions, partnerships and new product developments over the coming months," Mr. Fiveash added.
Paul Bannister, CEO at Evolve Pensions added in the news release: "We can bring exceptional value to pension savers across the U.K. through our heritage in the industry, and Smart Pension's globally recognized technology, and proven membership experience capabilities. Smart Pension has become recognized as the 'consolidator of choice' in the U.K. workplace pension market for good reason: They create true value for employers and members."