Smart Pension, the auto enrolment pension provider for small UK businesses, announces a partnership with Apex Fund Services ("Apex"), one of the world's largest independent fund administrators with $45bn of assets under administration.
As part of the partnership, Apex will administer the employee pension schemes that Smart Pension provides enrolment services to. With growth in small business pension sign-ups expected to increase significantly over the next few years, Smart Pension has already integrated its highly automated platform with Apex's fund administration systems.
Andrew Evans, co-founder and CEO of Smart Pension, said: "Working with an established global partner such as Apex, with specialisation in high volume fund administration, is an important part of our long-term strategy of becoming one of the leading and most advanced company in the auto enrolment market."
The integration with Apex's fund administration systems is a critical element of Smart Pension's advanced functionality, which was specifically developed to provide pension solutions for entrepreneurs and small firms who are facing new fiscal regulations and compliance.
Will Wynne, Smart Pension co-founder and MD said: "Creating scalability and heightened functionality through advanced technology is our founding principle. It keeps costs down for customers and crucially it makes compliance with new pension regulations easier for busy entrepreneurs who need to focus on the day-to-day running of a business.
"In addition to working with Apex we knew incorporating time-saving automatic features including e-signatures, direct debits with GoCardless and company look up via Duedil would be critical in making sure we would be ready for the rapid growth in pension sign-ups we are expecting. Our research found traditional, less automated systems are much less likely to be able to cope with demand."
The Pensions Regulator recently increased its estimate for the number of small businesses to be incorporated into the Government's Workplace Pension scheme up to 1.8m, all of which must be signed-up by 2017. This includes companies with one or two employees and families employing nannies or carers.
Paul Spendiff, Managing Director, Apex Fund Services (UK) Ltd., said: "The flexible nature of Apex's services make us ideally suited to administer a wide range of fund types including employee pension schemes. With the ability to integrate our own administration systems seamlessly with Smart Pension's will deliver significant cost and time savings for their pension schemes."
Notes to editors
ABOUT SMART PENSION:
Smart Pension is an award-winning, MAF-accredited online auto enrolment provider. Smart Pension was co-founded in 2014 by Andrew Evans, CEO, and Will Wynne, MD, and launched in May 2015. Its Master Trust is overseen by professional trustees with decades of experience supervising large pension schemes. 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. LGIM took a minority stake in the digital pension platform in 2016, part of a move by LGIM to invest in high-achieving, innovative technology that has a positive impact on the wider UK economy. In June 2017 it was named Fintech Innovation of the Year and overall winner in the Digital Leaders 100 awards. www.AutoEnrolment.co.uk