LGIM invests in auto enrolment innovator Smart Pension to broaden offering for small schemes

Press Release

28 July 2016

Legal & General invests in Smart Pension

Legal & General Investment Management (LGIM) has announced an investment and partnership with Smart Pension - www.AutoEnrolment.co.uk - that will broaden its offering for small schemes that are going through the auto enrolment process. Small schemes will now have access to a range of LGIM DC pension funds specifically designed for the Smart Pension solution.

Smart Pension is a fintech firm, which specialises in auto enrolment for small and micro companies. LGIM has taken a minority stake in the digital pension platform, part of a move by LGIM to invest in high-achieving, innovative technology that has a positive impact on the wider UK economy. Emma Douglas, head of LGIM’s defined contribution pensions business, will take a non-executive seat on the board.

This is the second round of funding that Smart Pension has announced this year.

Mark Zinkula, CEO of LGIM said: "In a short space of time, Smart Pension has built a powerful digital platform which has made auto enrolment scalable and affordable for employers and their employees with minimum cost and disruption, thereby making saving for the future achievable for more UK workers."

"Achieving excellence in technology continues to underpin our overall strategy. To be successful in this digital age, we know how important it is to embrace and invest in innovative technology solutions that offer substantial benefits to our customers. We are delighted to be investing in Smart Pension, and to be offering LGIM's savings solutions to the many new savers starting to provide for their own retirement."

Smart Pension co-founder and CEO, Andrew Evans, said: "According to the Department for Work and Pensions (DWP), from early 2019 the auto enrolment sector will generate £15bn in new pension savings every year, and Smart Pension has already established itself as one of the leading providers in the space since its launch in May 2014."

"We have designed and successfully brought to market the most efficient auto enrolment solution in the UK. Smart Pension is one of the few workplace pension providers that is free to enrol for employers and which guarantees to accept every employer and employee. It is also one of the only master trusts with Master Assurance Framework (MAF) accreditation and a 5-star Defaqto rating."

"The market has responded very positively – we have already signed up thousands of employers and advisers and are now enabling tens of thousands of employees to save into a pension for the first time. Smart Pension ensures that auto enrolment can be a success for all workers in Britain."

Douglas said: "This partnership with Smart Pension represents an excellent opportunity not only for us to invest in an exciting, forward-thinking British business, but also to make a real difference in the battle to ensure auto enrolment becomes the scalable and unshakable success it deserves to be, even for the smallest employer."

Smart Pension co-founder and MD, Will Wynne, said: "Smart Pension is the only free-to-use end-to-end solution providing scalable and affordable workplace pensions for SMEs and, through our hugely successful Adviser Platform, their professional advisers. While nearly all our competitors are now charging employers to set up a workplace pension, the ease of use and automation of our platform mean we can still provide our workplace pension at absolutely no charge to employers or their advisers."

www.AutoEnrolment.co.uk www.LGIM.com

ENDS

Notes to editors

ABOUT SMART PENSION:

Smart Pension is a MAF-accredited online auto enrolment provider. Its platform was built specifically to help thousands of small British businesses sign up their employees to a workplace pension scheme, as required by law. Smart Pension was co-founded in 2014 by Andrew Evans, CEO, and Will Wynne, Managing Director, and launched in May 2015. Its Master Trust is overseen by professional, experienced trustees with decades of experience supervising large pension schemes. Smart Pension has partnered with Apex Fund Services, one of the world’s largest independent funds administrators, to securely and cost-effectively administer employees' pensions. Smart Pension has a 5 star rating from Defaqto in the auto enrolment category. Smart Pension is the fastest auto enrolment platform on the market to sign up with and advisers and employers can use it for free - there are no upfront or ongoing charges for companies or their advisers. Smart Pension took over sponsorship of the GenLife Master Trust in September 2015.

LEGAL & GENERAL INVESTMENT MANAGEMENT:

Legal & General Investment Management (LGIM) is one of Europe's largest institutional asset managers and a major global investor. LGIM manages £746.1 billion in assets for more than 3,000 clients (as at 31 December 2015, includes assets under management, notional derivative positions and advisory assets). Throughout the past 40 years we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across a full spectrum of asset classes including equities, fixed income, commercial property and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.

In DC LGIM manages £48bn on behalf of a wide range of clients.

LGIM:

Nicolette Botbol

Media Relations Manager

Tel: 020 3124 4355

Email: nicolette.botbol@lgim.com landgi@fticonsulting.com

Smart Pension:

Liz Slee

Tel: 07540 060112

Email: liz.slee@smartpension.co.uk
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