Smart Pension

What Smart Pension does

Smart Pension is a UK workplace pension provider operating as a defined contribution master trust authorised and supervised by The Pensions Regulator. Founded in 2014 to address auto-enrolment compliance requirements, the company serves 100,000 employers and 2 million members with over £10 billion in assets under management and £1.6 billion in annual contributions as of June 2026. The platform is built on Keystone, Smart's proprietary global savings and investments technology that pioneered auto-enrolment administration and now underpins the Smart Pension Master Trust, the Smart Pension mobile application (250,000+ users), the Smart Retire drawdown facility, salary sacrifice arrangements, and member tools including the Pension Calculator, Life Expectancy Calculator, and Financial Wellbeing Hub.

The company monetises through monthly subscription-style scheme fees levied on employers and members, with member fees varying by investment choice. Distribution combines a direct digital sign-up model for employers, a self-serve employer portal with payroll integrations (BrightPay, MyPAYE, The Payroll Site), an adviser channel of accountants, IFAs, and payroll providers, and a member-facing app plus portal experience. Backing comes from a consortium of institutional investors including Aquiline, Barclays, Chrysalis Investments, DWS Group, Fidelity International Strategic Ventures, J.P. Morgan, LGIM, MUFG, and Natixis Investment Managers, with CIBC Innovation Banking leading a 2025 funding round of approximately $81 million.

Name

Smart Pension

Legal name

Smart Pension Limited

Website

https://smartpension.co.uk

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Workplace Pension Master Trust

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Pension Funds (525110)

SIC

Finance Services (6199)

akta.pro primary industry

Digital Retirement Platforms (IRA/401(k), Pension & Decumulation) (FSAGAEAF)

akta.pro secondary industries

Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB), Corporate & Public Pension Funds (DB/DC Sponsors) (FSAAAGAA), Employer Retirement Plan Advisory (401(k)/Pension) (FSAEABAE), Pensions & Retirement Benefits Administration (BPAIAKAA)

Keywords

• Workplace pension
• Master trust
• Retirement savings
• Auto-enrolment
• Pension technology

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Scheme Fees: Smart Pension charges fees to employers and members of the Scheme as determined under the Definitive Deed and Rules. Employer fees are set out on the Website and in the Employer Portal. Member fees are set out in the Member's Portal and vary according to investment choices made.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

Smart Pension provides workplace pensions as a defined contribution master trust for UK employers of all sizes. The service is powered by the proprietary Keystone technology platform, which streamlines scheme administration, payroll integration, and auto-enrolment compliance. Members access retirement savings management through a mobile app, online portal, and a suite of planning tools including calculators and a drawdown facility (Smart Retire).

Product overview

Smart Pension is a UK-based digital retirement savings provider offering a workplace pension as a defined contribution master trust for employers of all sizes. The core offering consists of the Smart Pension Master Trust, powered by the proprietary Keystone technology platform. Members access services through the Smart Pension App, which integrates with the Smart Retire digital drawdown dashboard for retirement income management. The product suite includes planning tools such as the Pension Calculator, Life Expectancy Calculator, and Financial Wellbeing Hub, all designed to help members understand and manage their retirement savings. Smart Pension also offers salary sacrifice arrangements and connects to the UK Pensions Dashboards Programme. The company serves 2 million savers across 100,000 employers with £10 billion in assets under management.

Differentiator

Problem solved

Functional benefit

Brands

• Smart Retire: Online drawdown facility where members can view investment values, submit fund switch requests, modify repeating monthly withdrawals, and request occasional lump sum withdrawals.
• Keystone
• Smart Labs

Products and services

• Smart Pension Master Trust A defined contribution master trust workplace pension scheme, authorised and supervised by The Pensions Regulator, providing retirement savings for employees of participating UK employers.
• Smart Pension App Mobile application enabling members of the Smart Pension Master Trust to manage their pension savings, view balances, change contributions and investments, and access retirement planning tools. Used by 250,000+ members.
• Smart Retire Digital drawdown facility where members approaching retirement can view investment values, submit fund switch requests, modify repeating monthly withdrawals, and request occasional lump sum withdrawals.
• Keystone Platform Smart's proprietary global savings and investments technology platform that powers Smart Pension and is also offered to financial institutions for pension management, enabling auto-enrolment, scheme administration, and cost reduction.

Quantifiable outcome

• £10 billion in assets under management, well ahead of 2030 government threshold
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature5 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Independent Governance Group (IGG)minorStrategic or Co-development Partner · 28 January 2026Professional pensions trusteeship provider that co-commissioned research with Smart Pension and LCP on the gender and ethnicity pension gap affecting women from ethnic minority backgrounds.
• LCP (Lane Clark & Peacock)minorStrategic or Co-development Partner · 28 January 2026Pension consultants who co-commissioned research with Smart Pension and IGG on the gender and ethnicity pension gap. Provided analysis and expertise on pension outcomes for women from ethnic minorities.
• Ctrl AltcoreStrategic or Co-development Partner · 10 December 2025Tokenisation infrastructure provider that brings structuring and tokenisation expertise to the Tokenised Renewable Assets Coalition (TRAC). Collaboration to explore how blockchain-based tokenisation can integrate with existing pension investment frameworks.
• Octopus Energy GenerationcoreStrategic or Co-development Partner · 10 December 2025Renewables investor bringing strong experience in mobilising institutional capital into renewables. Part of the Tokenised Renewable Assets Coalition (TRAC). Smart Pension made a £330m investment in two of Octopus Energy Generation's renewable funds via the Mobius platform.
• Mobius Life LimitedcoreTechnology or Integration · 1 June 2024Partnership to enhance Smart Pension's investment platform, expanding access for over 1.4 million members to public and private market options including net-zero transition support. Mobius Life manages, buys and sells investment assets for the pension scheme.
• Pensions Dashboards ProgrammecoreOthersSmart Pension connected to the UK's Pensions Dashboards Programme, which allows retirement savers to view personal, workplace, and state pension data from all providers in one place. Jamie Fiveash, CEO expressed excitement about this collaborative initiative.
• UK Government and Pension RegulatorscoreOthersParticipated in UK government-hosted roundtable with pension regulators including People's Pension, Aviva, Smart Pension, Legal & General, TPT Retirement Solutions, and NatWest Cushon to discuss forthcoming value for money consultation under the Pension Schemes Bill 2025.
• Mansion House Accord SignatoriescoreStrategic or Co-development PartnerSmart Pension is one of 17 signatories to the Mansion House Accord, representing 90% of UK active DC savers. Committed to invest at least 10% of DC funds in private markets by 2030, with half allocated to UK assets.
• Q Agency (Managed Service Provider)minorImplementation/ SI/ Consulting PartnerQ Agency serves as Smart Pension's Managed Service Provider, providing expertise in digital transformation, scalability, security, and cost optimization. Partnership has spanned over six years.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• NOW: Pensions: UK master trust workplace pension provider focused on auto-enrolment compliance for employers. Comparable to Smart as a mid-sized digital-first master trust competing for the same employer base.
• NEST (National Employment Savings Trust): UK master trust established by government to support auto-enrolment, now serving tens of millions of members. Closest direct competitor to Smart in scale, structure, and target market (UK workplace DC pensions).
• The People's Pension (B&CE): One of the UK's largest multi-employer defined contribution master trusts serving millions of savers through auto-enrolment. Directly comparable to Smart Pension as a UK master trust workplace pension provider with a similar employer-led distribution model.

Emerging players

• Penfold: UK workplace pension fintech targeting SMEs and self-employed savers with a digital-first experience. Comparable to Smart as an emerging digital pension provider, though smaller and focused on the smaller-employer segment.
• PensionBee: UK pension consolidator and consumer-facing platform allowing individuals to combine old workplace pensions. Tangentially comparable as a digital pensions fintech, though focused on consumer transfers rather than employer auto-enrolment.

Broad incumbents

• Royal London: UK mutual life and pensions provider with workplace pension offerings. Comparable as a broad incumbent competing in employer-led DC pensions, though with a wider product range than Smart.
• Aviva: One of the UK's largest life and pensions incumbents offering workplace pensions alongside protection, investment, and broader employee benefits. Competes with Smart in employer pitches but from a vastly larger and more diversified platform.
• Aegon UK: UK arm of Aegon offering workplace pensions and platform-based DC administration. Comparable to Smart in targeting employer-sponsored DC schemes, but with broader legacy and platform capabilities.
• Scottish Widows: Established UK workplace pension and investment provider owned by Lloyds Banking Group. Competes with Smart in the mid-to-large employer segment as an incumbent with embedded distribution.
• Legal & General: Major UK pensions and investment manager with substantial workplace DC and master trust offerings. Overlaps with Smart's target market as a broad incumbent and is also an investor in Smart Pension.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/smartpensionuk
• YouTubeyoutube.com/c/SmartPensionCoUK
• Facebookfacebook.com/smartpension
• LinkedInlinkedin.com/company/smart-pension
• Instagraminstagram.com/smartpension

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Smart Pension