Smart Pension’s growth since it was set up in 2015 has been rapid. Its digital sign-on, built on its proprietary software, has enabled it to quickly take on 107,000 employers, making it the master trust provider with the most employer relationships, after Nest. Its member numbers have soared to more than half a million. The provider has launched several initiatives to engage with members digitally, including an Amazon Alexa skill that accesses valuations and other functionality through voice recognition software and an app that allows savers to track their pension balance in real time on their phone, self-select from 13 LGIM-run funds and increase contributions.
Smart’s does not charge employers but its member charging structure comes in at the top end of fixed price charges, right at the ceiling of the 0.75 per cent cap. As assets grow, Smart can expect pressure to bring these charges down.