Smart Pension agreed to transfer up to £545 million ($708 million) in assets from STM Group into its master trust.
Subject to approval by The Pensions Regulator, participants and assets from the Options Workplace Pension Trust, Milton Keynes, will be able to move to the Smart Pension Master Trust, London, through a bulk transfer, a news release said.
The deal marks the 10th master trust consolidation for Smart Pension, bringing its assets to £6 billion.
“This latest deal is a significant milestone in our growth strategy and consolidation efforts,” said Jamie Fiveash, CEO of Smart U.K., in the release. “It’s further proof of how technology can deliver better value for savers and increased efficiencies for employers.”
Smart Pension was launched in 2015 and serves more than 1.4 million participants and 70,000 employers. Investors in Smart include Barclays, Fidelity International Strategic Ventures, Legal & General Investment Management and Natixis Investment Managers.
A spokesperson could not immediately be reached for further comment.
