Link Group has formed a strategic global partnership and minority investment in Smart Pension, a workplace pension platform in the UK, to enter the UK pensions market.
Link’s investment in Smart Pension provided them with access to Smart Pension’s platform in the UK, with exclusive utilisation of this platform in certain jurisdictions in Europe and Asia.
Link would also take on the administration for Smart Penion’s UK Workplace pension operation, which included the administration of the Smart Pension Master Trust, subject to regulatory approval.
The initiative would be led by Susan Ring who would continue in her current role as chief executive of corporate markets Europe, Middle East and Asia (EMEA).
John McMurtrie, Link Group managing director, said: “This partnership will leverage Link Group’s core capabilities and is an example of our strategy to identify attractive adjacent market opportunities aligned with our service strengths, with a pathway to future growth.”
Smart Pension was launched in 2015 and had established a presence in the growing UK auto enrolment market and corporate defined contribution market, with now half a million members and 60,000 employers.
Link would join Legal & General and JP Morgan as current equity investors in Smart Pension.