The UK's Smart Pension Master Trust has said that it expects to hit £10bn in assets under management by the end of next year, thanks to ongoing acquisitions and growth in new business.

The group shared its growth forecast alongside the news that Raj Mody had been appointed as a trustee director of the Smart Pension Master Trust Board, taking on the role of chairman from 1 September 2025.

According to Smart UK CEO, Jamie Fiveash, one of Mody's initial priorities will be overseeing current acquisitions and new business, "which will take the trust to £10bn assets by the end of next year".

"This, alongside a rapidly changing and consolidating market, makes us incredibly excited for the years ahead," he stated.

Mody, who is also a fellow of the Institute and Faculty of Actuaries, brings a range of experience in the pensions industry to the role and has held numerous senior executive and non-executive positions over his 30-year career.

He succeeds Andy Chesledine, who is stepping down after eight years as chair. ‍
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Commenting on his appointment, Mody said: "Over the course of my career, I have seen first-hand the role technology can play in helping deliver long-term value for savers across the world.

"I look forward to supporting Smart Pension in its ongoing ambitions to innovate and improve retirement outcomes for its growing membership.” ‍
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Adding to this, Fiveash said: “We’re proud to welcome Raj to the trustee board. His expertise is unmatched and reflects our commitment to strengthening governance as we scale.

"With Raj’s board leadership and deep investment knowledge, we will be able to continue delivering outstanding outcomes for members.

“Throughout Andy’s tenure, he has steered the scheme through some key milestones, such as our regulatory authorisation from The Pensions Regulator in 2019.

"Andy is one of the true leaders in our industry and I’m tremendously grateful to him for his stewardship and years of work with the Smart Pension Master Trust Board and wider team at Smart Pension.”

Commenting on his departure from the board, Cheseldine added: "It has been an honour to serve as chair of the trustee board for over eight years.

"Throughout this time I am confident we have delivered long-term value for Smart Pension members and provided stewardship during unprecedented events.

"I’m confident that the Smart Pension Master Trust will continue to grow, building on its cutting-edge technology offering to deliver greater scale and value to provide market-leading outcomes for its members.”

Launched in 2015, Smart Pension currently has over £6bn in assets under management, serving over 1.5 million members.

This article was originally published on our sister website, Pensions Age.

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