Smart Pension

Smart Pension is a pensions and retirement technology business, running a defined contribution master trust pension scheme setup for employers to automatically enrol employees in a workplace pension scheme[1], and delivering pensions technology platforms in partnership with other financial institutions[2].

Smart Pension
Type of site
Limited liability company
Founded2014
Headquarters
London, UK
Founder(s)Andrew Evans, William Wynne
IndustryFinance
ProductsPension scheme

Operations

Smart Pension uses Apex Fund Services, a global independent fund administration company, to manage all transactions with investment management strategy handled by Barnett Waddingham.[3][4]

The standard smart pension service is free to use for employers but will indirectly charge the scheme member. Smart Pension have a members' annual management charge (AMC). In 2016, the site was added to the UK government's Pensions Regulator’s list of Group Personal Pensions open to any employer, having met the master trust assurance framework and other required criteria.[5]

Investment and recognition

In July 2016 L&G Investment Management announced that it was investing more than £3 million in Smart Pension.[6][6][7] In June 2017, the company won Overall Winner on the DL100 List and Fintech Innovation of the Year at the Digital Leaders Awards 2017.[8] JP Morgan announced an investment in the business in February 2019, taking a 'minority stake'[9]. In November 2019 it was announced Link Group, an Australian provider of technology-enabled administration solutions, with over 7,000 employees working across 18 jurisdictions[10], had invested an undisclosed amount as part of a strategic partnership[11].

The Pensions Act 2008 is an act of the Parliament of the United Kingdom. The principal change brought about by the act is the requirement for all employees to have to opt out of a workplace pension scheme, rather than opt in. This change in law moves a significant portion of responsibility onto employers in the UK to ensure that they are providing a workplace pension scheme for all eligible employees.[12]

Employers were required to initiate automatic enrolment into their workplace according to set staging dates based on the number of employees in the company. These dates started in 2012 and will run until February 2018,[13] and there are penalties for companies that do not comply.[14]

Smart Pension board members

Chief Executive Officer: Andrew Evans
Evans has held a number of managing director roles in UK banks, in pensions, banking and asset management. His banking resume includes Lloyds Banking Group, Barclays, Caixa Geral de Depósitos and Crédit Agricole.

Managing Director: William Wynne
Wynne had a career in the City before moving online in 2004 to join eBay in a senior management position. In 2006 Wynne went on to found Arena Flowers.[15]

Chairman: Ruston Smith
 Smith has over 30 years' experience in the pension fund and investment industry, including 14 years as the Group Pensions Director at Tesco. He has held senior positions with responsibility for strategy, governance, investment and operations for a wide range of UK funds. [16][17]

Jamie Fiveash: Chief Operating Officer
Fiveash is an accountant, turned strategist and business leader. He has over 26 years experience in the financial services during which time he has performed in a variety of Senior and Executive roles across nearly all business disciplines. He is also a Non-Executive Director of the Pensions and Lifetime Savings Association.[18]

Claire Altman: Head of Financial Services
Altman is a pensions lawyer and barrister, who studied law at Cambridge University. Her résumé includes partner at Sackers and Partners LLP, internal legal counsel for Capital Cranfield and chair of the Blackwells Pension Fund.[19]

Non-Executive Director: Tom Valentine
Valentine is the co-founder and managing director of ecommerce travel company Secret Escapes.[20]

Non-Executive Director: Duncan Howorth
Former CEO of Jardine Lloyd Thompson PLC.[21][22]

Non-Executive Director: Emma Douglas
Head of L&G Investment Management, appointed non-executive director as a part of the L&G investment in the company.[6][22]

Non-Executive Director: Anne Lester
Lester is Head of Retirement Solutions, J.P. Morgan Asset Management, appointed non-executive director as a part of JP Morgan's investment in the company.[23]

Former board members

Former Chairman: Sir Anthony Jolliffe
Jolliffe is a former Lord Mayor of London and founder of the accountancy firm, Jolliffe Cork.[7][24]

Former Board Adviser: Amy Nauiokas
Nauiokas is the founder and CEO of Archer Gray,[25] a media production, finance, and investment company, and the founder and president of Anthemis Group,[26] a digital financial services investment and advisory firm. Until 2008, she was the CEO of Barclays Stockbrokers.

Former Board Adviser: Emma Davies
Davies is Head of Property and Infrastructure Investments at Wellcome Trust. Prior to joining Wellcome, Davies ran the London office of Perry Capital, one of the world's leading hedge funds, before helping to set up Big Society Capital.[27]

Controversy

In 2016 the Advertising Standards Authority upheld a complaint that a Smart Pension direct mail advertisement had ‘misleadingly suggested it was an official communication’.[28] Those complaining challenged whether or not it was clear that the letter was an advert. The ASA agreed with the complainant and concluded that the advert "was not obviously identifiable as an ad, that it misleadingly suggested it was an official communication". The ASA went on to state that the advert suggested companies needed to contact Smart Pension in order to comply with auto enrolment legislation, despite this not being the case, as Smart Pension offer a commercial service.[29] Another complaint was made on 25 January 2017 (also upheld) showing that Smart Pension repeated a similar act.[30]

See also

References
  1. "Automatic Enrolment - The Pensions Advisory Service". PensionsAdvisoryService.org.uk. Retrieved 16 April 2017.
  2. "Smart Pension has been appointed by Irish insurer New Ireland Assurance to provide it with a technology platform following an international competitive tender". www.professionalpensions.com. 2018-11-13. Retrieved 2020-01-08.
  3. Barker, Sam (27 July 2016). L&G eyes stake in auto-enrol firm. Money Marketing.
  4. (1 September 2016). Smart Pension appoints Barnett Waddingham as investment adviser. autoenrolment.co.uk
  5. (20 June 2016). TPR adds first scheme to GPP list
  6. Haslett, Emma (28 July 2016). Pensions giant L&G invests more than £3m in London auto enrolment fintech firm Smart Pension. City AM.
  7. Burn-Callander, Rebecca (4 June 2016). Technology titans behind Secret Escapes and Zoopla plough millions into Will Wynne's Smart Pension. The Daily Telegraph.
  8. (June 22, 2017). Digital Leaders 100 Awards Dinner 2017. digileaders.com.
  9. "JPMorgan invests in UK fintech Smart Pension". Finextra Research. 2019-02-04. Retrieved 2020-01-08.
  10. "Link Group - About". Link Group.
  11. Fixsen2019-11-14T13:37:00+00:00, Rachel. "Smart Pension adds Australia's Link Group as shareholder in partnership". IPE. Retrieved 2020-01-08.
  12. "Enrol your staff into a workplace pension - GOV.UK". www.gov.uk. Retrieved 16 April 2017.
  13. Harrington, Declan (11 September 2017). Five steps to ensure your SME is ready for auto-enrolment. SME Magazine.
  14. http://www.thepensionsregulator.gov.uk, The Pensions Regulator. "The Pensions Regulator - Page not found". ThePensionsRegulator.gov.uk. Retrieved 16 April 2017.
  15. "Flower Delivery - arenaflowers.com - London & UK". ArenaFlowers.com. Retrieved 16 April 2017.
  16. "Ruston Smith: Chairman of the board of directors". www.smart.co. Retrieved 2020-01-08.
  17. "Women in Pensions Awards 2019". events.professionalpensions.com. Retrieved 2020-01-08.
  18. Phillips, James (29 September 2017). . professionalpensions.com
  19. Phillips, James (14 September 2017). . professionalpensions.com
  20. How We Made It: Troy Collins, Alex Saint and Tom Valentine of Secret Escapes, The Sunday Times, 9 February 2014
  21. "Smart Pension closes £3.3m Series A round". TechCityNews.com. 3 June 2016. Retrieved 16 April 2017.
  22. Companies House | Smart Pension - Officers. Companies House
  23. "J.P. Morgan takes strategic equity investment in Smart Pension". www.professionaladviser.com. 2019-02-04. Retrieved 2020-01-08.
  24. (April, 2011). Dorset lives – A ‘rather tall’ man. Dorset Life magazine
  25. "Amy Nauiokas". ArcherGray.com. Retrieved 16 April 2017.
  26. "Amy Nauiokas". Anthemis.com. Retrieved 16 April 2017.
  27. "Former head of Perry Capital London office joins Wellcome Trust Investments Division - Wellcome". Wellcome.ac.uk. Retrieved 16 April 2017.
  28. "Pension provider criticised over auto-enrolment ad". CityWire. Retrieved 4 February 2017.
  29. "ASA Ruling on Smart Pension Ltd". ASA. Retrieved 4 February 2017.
  30. (13 September 2017) ASA Ruling on Smart Pension Ltd. ASA.org.uk/rulings
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