The UK's Smart Pension has surpassed £10bn in assets under management (AUM), meeting the government’s first ‘scale test’ ahead of the 2030 timeframe.

The pension provider manages the pensions of two million members and 100,000 employers across the UK, and described the £10bn AUM mark as a “major milestone”.

It is on track to meet the future mandatory scale thresholds, as set out in the Pension Schemes Act, having now surpassed the government’s initial £10bn AUM threshold ahead of the 2030 deadline and receiving annual contributions of £1.6bn.

The company highlighted its proprietary technology platform Keystone as “central” to its growth, streamlining scheme administration and enabling it to build a digitally native pension scheme from the outset.

Coinciding with its £10bn AUM milestone, Smart Pension has revealed a new brand identity and website, aiming to reflect its scale and ambition.

This has been designed to resonate with larger employers and intermediaries while being more personal for individuals and smaller SMEs.

“We believe technology can fundamentally transform the pensions industry,” commented Smart co-founder and group CEO, Andrew Evans.

“It has already enabled us to grow rapidly and build one of the UK’s largest defined contribution pension funds, alongside an international technology business, in just over a decade.

“As the UK pensions market approaches a trillion pounds in assets, it urgently needs the same technological overhaul that utilities and other sectors have undergone in recent years.

“By replacing decades-old legacy systems, we can make saving simpler for millions of people, unlock significant value across the industry, and champion UK investment.”

Pensions Minister, Torsten Bell, added: “We know our fragmented pensions system has meant people’s savings are not working hard enough.

“The Pensions Schemes Act is helping change that, supporting a pension landscape made up of bigger and better pension schemes that can ensure more of today’s workers have a comfortable retirement.”

Smart UK CEO, Jamie Fiveash, said that reaching £10bn AUM was a key milestone and increasingly important due to the regulatory focus on scale.

“We are very excited about the changes laid out in the Pensions Act, which place us in a great position for continued strong organic growth alongside many emerging acquisition and partnership opportunities as the market consolidates at greater pace,” he concluded.

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

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