Smart Pension

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Smart Pension
Type of site
Limited liability company
Founded2014
Headquarters
London, UK
Founder(s)Andrew Evans, William Wynne
IndustryFinance
ProductsPension scheme

Smart Pension is a pensions and retirement technology business, delivering pensions technology platforms in partnership with other financial institutions,[1] and running a defined contribution pension scheme setup for employers to enrol employees in a workplace pension scheme.[2]

Operations[]

Smart Pension's headquarters are in Paddington, London. They also operate in other regions including the Middle East [3] with Zurich, and in Ireland with New Ireland Assurance,[4] as well as strategic partnerships with Australia's Link Group,[5] and France's Natixis IM [6]

In 2016, Smart Pension was added to the UK government's Pensions Regulator’s list of Group Personal Pensions open to any employer, having met the master trust assurance framework and other required criteria.[7]

Investment and recognition[]

In July 2016 L&G Investment Management announced that it was investing more than £3 million in Smart Pension.[8][9] In June 2017, the company won Overall Winner on the DL100 List and Fintech Innovation of the Year at the Digital Leaders Awards 2017.[10] JP Morgan announced an investment in the business in February 2019, taking a 'minority stake'.[11] In November 2019 it was announced Link Group, an Australian provider of technology-enabled administration solutions, with over 7,000 employees working across 18 jurisdictions,[12] had invested an undisclosed amount as part of a strategic partnership.[13] Natixis IM, one of the world's largest asset management firms, announced a strategic investment in Smart in May 2020.[14] In June 2021 it was announced that Chrysalis Investments was taking a £75 million stake in Smart as part of a £165 million Series D funding round.[15]

Legal background[]

The Pensions Act 2008 is an act of the Parliament of the United Kingdom. The principal change brought about by the act is the requirement for all employees to have to opt out of a workplace pension scheme, rather than opt in. This change in law moves a significant portion of responsibility onto employers in the UK to ensure that they are providing a workplace pension scheme for all eligible employees.[16]

Employers were required to initiate automatic enrolment into their workplace according to set staging dates based on the number of employees in the company. These dates started in 2012 and will run until February 2018,[17] and there are penalties for companies that do not comply.[18]

Smart Pension board members[]

Group Chief Executive Officer, co-founder: Andrew Evans
Evans has held a number of managing director roles in UK banks, in pensions, banking and asset management. His banking resume includes Lloyds Banking Group, Barclays, Caixa Geral de Depósitos and Crédit Agricole.

Group Managing Director, co-founder: William Wynne
Wynne had a career in the City before moving online in 2004 to join eBay in a senior management position. In 2006 Wynne went on to found Arena Flowers.[19]

Chairman: Ruston Smith
 Smith has over 30 years' experience in the pension fund and investment industry, including 14 years as the Group Pensions Director at Tesco. He has held senior positions with responsibility for strategy, governance, investment and operations for a wide range of UK funds. [20][21]

Jamie Fiveash: UK Chief Executive Officer
Fiveash is an accountant, turned strategist and business leader. He has over 26 years experience in the financial services during which time he has performed in a variety of Senior and Executive roles across nearly all business disciplines. He is also a Non-Executive Director of the Pensions and Lifetime Savings Association.[22]

Claire Altman: Chief Corporate Officer
Altman is a pensions lawyer and barrister, who studied law at Cambridge University. Her résumé includes partner at Sackers and Partners LLP, internal legal counsel for Capital Cranfield and chair of the Blackwells Pension Fund.[23]

Non-Executive Director: John McMurtrie
John McMurtrie joined the board from 15 January 2020 as a result of the investment by Link Group. He joined Link Group in 2002 as Managing Director. John’s previous senior appointments include Executive General Manager of Australian Security Exchange’s (ASX) Investors and Companies division and Chief Executive Officer of US Australia.

Non-Executive Director: Karen Roberton
Global Head of Consultant Sales, J.P. Morgan. Karen has been with J.P. Morgan Asset Management for 25 years and is the Global Head of the Consultant Sales team.

Independent Director: Mark Zinkula
Mark was appointed as Chair of Smart USA Board early in 2021 and also joined the overall Smart Board. He served as CEO of Legal & General Investment Management (LGIM), a role he held from 2011 to 2019.

Smart USA board[]

Chairperson: Mark Zinkula
During Mark’s tenure at LGIM, it was one of the fastest growing asset managers globally as assets under management (AUM) tripled to over $1.5 trillion, including a significant expansion across the US, Europe and Asia.

Non-Executive Director: Anne Lester
Lester is Head of Retirement Solutions, J.P. Morgan Asset Management, appointed non-executive director as a part of JP Morgan's investment in the company.[24]

Former Smart Pension board members[]

Former Chairman: Sir Anthony Jolliffe
Jolliffe is a former Lord Mayor of London and founder of the accountancy firm, Jolliffe Cork.[9][25]

Former Board Adviser: Amy Nauiokas
Nauiokas is the founder and CEO of Archer Gray,[26] a media production, finance, and investment company, and the founder and president of ,[27] a digital financial services investment and advisory firm. Until 2008, she was the CEO of Barclays Stockbrokers.

Former Board Adviser: Emma Davies
Davies is Head of Property and Infrastructure Investments at Wellcome Trust. Prior to joining Wellcome, Davies ran the London office of Perry Capital, one of the world's leading hedge funds, before helping to set up Big Society Capital.[28]

Former Non-Executive Director: Tom Valentine
Valentine is the co-founder and managing director of ecommerce travel company Secret Escapes.[29]

Former Non-Executive Director: Duncan Howorth
Former CEO of .[30][31]

Former Non-Executive Director: Emma Douglas
Head of L&G Investment Management, appointed non-executive director as a part of the L&G investment in the company.[8][31]

ASA Rulings[]

In 2016 the Advertising Standards Authority upheld a complaint that a Smart Pension direct mail advertisement had ‘misleadingly suggested it was an official communication’.[32] Those complaining challenged whether or not it was clear that the letter was an advert. The ASA agreed with the complainant and concluded that the advert "was not obviously identifiable as an ad, that it misleadingly suggested it was an official communication". The ASA went on to state that the advert suggested companies needed to contact Smart Pension in order to comply with auto enrolment legislation, despite this not being the case, as Smart Pension offer a commercial service.[33] Another complaint was made on 25 January 2017 (also upheld) showing that Smart Pension repeated a similar act. The detail states that 'The ASA welcomed Smart Pension's willingness to make changes to the ad.'.[34] This was tested via a similar complaint in November 2017. The ASA investigated this and, in October 2018 upheld one of three points. In looking again at this, the ASA in February 2019 stated 'This ruling replaces that published on 17 October 2018. the decision on point 3 has been reversed, making the complaint not upheld', the ASA concluding that Smart Pension was not in breach on any of the three points in the complaint.[35]

See also[]

References[]

  1. ^ "Smart Pension has been appointed by Irish insurer New Ireland Assurance to provide it with a technology platform following an international competitive tender". www.professionalpensions.com. 2018-11-13. Retrieved 2020-01-08.
  2. ^ "Automatic Enrolment - The Pensions Advisory Service". PensionsAdvisoryService.org.uk. Retrieved 16 April 2017.
  3. ^ Dubai, TenTwenty | Webdesign, Webshops & E.-marketing |. "DIFC Employee Workplace Savings Plan". Dubai International Financial Centre (DIFC). Retrieved 2020-07-07.
  4. ^ "Case Studies: Smart Pension | The Global City". www.theglobalcity.uk. Retrieved 2020-07-07.
  5. ^ "Smart Pension enters strategic partnership with Australian administrator". www.professionalpensions.com. 2019-11-13. Retrieved 2020-07-07.
  6. ^ Pension, Smart. "Smart and Natixis Investment Managers Announce Strategic Investment to Deliver Leading Workplace Pension Solutions". www.prnewswire.com. Retrieved 2020-07-07.
  7. ^ (20 June 2016). TPR adds first scheme to GPP list
  8. ^ a b Haslett, Emma (28 July 2016). Pensions giant L&G invests more than £3m in London auto enrolment fintech firm Smart Pension. City AM.
  9. ^ a b Burn-Callander, Rebecca (4 June 2016). Technology titans behind Secret Escapes and Zoopla plough millions into Will Wynne's Smart Pension. The Daily Telegraph.
  10. ^ (June 22, 2017). Digital Leaders 100 Awards Dinner 2017. digileaders.com.
  11. ^ "JPMorgan invests in UK fintech Smart Pension". Finextra Research. 2019-02-04. Retrieved 2020-01-08.
  12. ^ "Link Group - About". Link Group.
  13. ^ Fixsen2019-11-14T13:37:00+00:00, Rachel. "Smart Pension adds Australia's Link Group as shareholder in partnership". IPE. Retrieved 2020-01-08.
  14. ^ Pension, Smart. "Smart and Natixis Investment Managers Announce Strategic Investment to Deliver Leading Workplace Pension Solutions". www.prnewswire.com. Retrieved 2020-07-07.
  15. ^ "Chrysalis emerges with £75m stake in Smart retirement savings platform". Sky News. Retrieved 2021-07-14.
  16. ^ "Enrol your staff into a workplace pension - GOV.UK". www.gov.uk. Retrieved 16 April 2017.
  17. ^ Harrington, Declan (11 September 2017). Five steps to ensure your SME is ready for auto-enrolment. SME Magazine.
  18. ^ http://www.thepensionsregulator.gov.uk, The Pensions Regulator. "The Pensions Regulator - Page not found". ThePensionsRegulator.gov.uk. Retrieved 16 April 2017. Cite uses generic title (help)
  19. ^ "Flower Delivery - arenaflowers.com - London & UK". ArenaFlowers.com. Retrieved 16 April 2017.
  20. ^ "Ruston Smith: Chairman of the board of directors". www.smart.co. Retrieved 2020-01-08.
  21. ^ "Women in Pensions Awards 2019". events.professionalpensions.com. Retrieved 2020-01-08.
  22. ^ Phillips, James (29 September 2017). [1]. professionalpensions.com
  23. ^ Phillips, James (14 September 2017). [2]. professionalpensions.com
  24. ^ "J.P. Morgan takes strategic equity investment in Smart Pension". www.professionaladviser.com. 2019-02-04. Retrieved 2020-01-08.
  25. ^ (April, 2011). Dorset lives – A ‘rather tall’ man. Dorset Life magazine
  26. ^ "Amy Nauiokas". ArcherGray.com. Retrieved 16 April 2017.
  27. ^ "Amy Nauiokas". Anthemis.com. Retrieved 16 April 2017.
  28. ^ "Former head of Perry Capital London office joins Wellcome Trust Investments Division - Wellcome". Wellcome.ac.uk. Retrieved 16 April 2017.
  29. ^ How We Made It: Troy Collins, Alex Saint and Tom Valentine of Secret Escapes, The Sunday Times, 9 February 2014
  30. ^ "Smart Pension closes £3.3m Series A round". TechCityNews.com. 3 June 2016. Retrieved 16 April 2017.
  31. ^ a b Companies House | Smart Pension - Officers. Companies House
  32. ^ "Pension provider criticised over auto-enrolment ad". CityWire. Retrieved 4 February 2017.
  33. ^ "ASA Ruling on Smart Pension Ltd". ASA. Retrieved 4 February 2017.
  34. ^ (13 September 2017) ASA Ruling on Smart Pension Ltd. ASA.org.uk/rulings
  35. ^ "ASA Ruling on Smart Pension Ltd". ASA. Retrieved 29 June 2021.

External links[]

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