The acquisition is Smart’s 10th and will bring its total assets under management to £6bn, once the deal is approved.
The master trust – one of the biggest in the UK – has agreed with Options’ parent company STM Group to bring the members and £545m of assets on board, subject to regulatory approval.
The deal marks Smart’s 10th acquisition of a smaller master trust. Most recently, it acquired the Crystal Master Trust in July last year, and the assets from this deal are set to be fully merged into Smart next month. It will bring Smart’s assets under management to £6bn.
Jamie Fiveash, chief executive of Smart UK, said: “This latest deal is a significant milestone in our growth strategy and consolidation efforts. It’s further proof of how technology can deliver better value for savers and increased efficiencies for employers.
“In the coming months, we will be working together with the Options Workplace Pension Trust to ensure a smooth transition of members and their assets into the Smart Pension Master Trust.
“We look forward to welcoming our new members, who will now benefit from the simplicity and flexibility that our market-leading technology brings to workplace savings.”
Alan Kentish, STM Group’s chief executive officer, said has company had been “impressed” with Smart’s technology platform and expressed confidence for a “seamless and successful transition”.
STM Group offers workplace pension solutions in several jurisdictions including Australia, Spain, Gibraltar and Malta.
Smart Pension caters for more than 1.4 million members from more than 70,000 employers.
Further reading
Smart Pension buys Evolve Pensions for undisclosed sum (17 July 2023)
Cushon consolidates Workers Pension Trust in master trust first (1 February 2024)
Mercer to buy Cardano, NOW Pensions in major acquisition (11 June 2024)
