Smart buys £580m scheme to hit £10bn in 2026
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Master trust provider Smart Pension has bought the £580m WS Stakeholder Pension Scheme from Waystone Management (UK), bringing its assets to over £8.5bn. A deadline for defined contribution providers to reach £25bn within 10 years is accelerating mergers and acquisitions in the sector.
The government has set a deadline for multi-employer default funds to reach £25bn by 2030, but there are exceptions for master trusts that have at least £10bn in their main default arrangement in 2030 and a credible plan to reach £25bn by 2035.
The government has set a deadline for multi-employer default funds to reach £25bn by 2030, but there are exceptions for master trusts that have at least £10bn in their main default arrangement in 2030 and a credible plan to reach £25bn by 2035.
Smart expects to reach £10bn in the first half of next year from growth and further consolidation, including up to 300,000 members and assets from the consolidation of Options Master Trust, expected to transfer to Smart Pension in the coming weeks.
Smart UK’s chief executive Jamie Fiveash said: “This latest deal is a significant milestone in our growth strategy and consolidation efforts. It’s further proof of how our technology enables us to consolidate schemes of all types across trust and now contract-based pensions. We are delighted to welcome our new members, who will now benefit from the simplicity and flexibility that our market-leading technology brings to workplace savings.”
The firm says the latest acquisition means it is now the 8th largest DC master trust. About 19,000 members of the WS Stakeholder Pension Scheme have transferred to the Smart Pension Master Trust.
Smart Pension previously acquired 10 master trusts, including the Crystal Master Trust, Ensign Master Trust, the Welplan Master Trust, the Corpad Master Trust and Corporate Pensions Trust.
