British-based Smart Pension Master Trust has been confirmed as Welplan Pensions Master Trust’s default receiving scheme following last year’s decision to close Welplan.

As reported by our sister title, Pensions Age, following a strategic review by the Welplan Pensions’ scheme funder, Welplan Ltd, the company opted not to seek master trust authorisation.

The decision will see Welplan Pensions’ around 1,800 participating employers, 55,000 individual members and aggregate funds under management of more than £200m transferred into the Smart Pension Master Trust.

Welplan said it has written to all employers to inform them of the move, adding that the transition of future contributions is expected in “the next few months” and the transfer of assets is planned to take place “later in the year”.

This is the latest acquisition for Smart Pension, which last year announced plans to consolidate the £20m Corpad Master Trust and the £12.5m Corporate Pension Trust, following the transfer of more than 26,500 members from both schemes combined.

Welplan Pensions chair of trustee, Dianne Day, said: “We looked for a provider that shared our aims and values, in terms of delivering for members and employers. As well as their technology, we were particularly impressed with the strong trustee governance and value for money that the Smart Pension Master Trust will provide our members.”

“We are pleased to say that The Pensions Regulator has approved our implementation strategy and we will continue to work very closely with the team at Smart to make the transition as seamless as possible for our employers and members.”

Smart Pension CEO and co-founder, Andrew Evans, said: “We are impressed with Welplan’s approach to excellence in client service and care, which we will continue going forward. This is great news all round, particularly for the members and employers who will have access to our world-class technology.”

Share Story: