Smart Pension has completed a bulk transfer of assets and members from the Options Workplace Pension Trust (OWPT) into the Smart Pension Master Trust.

The move brings in an additional £650m (€744m) in assets under management (AUM) to Smart Pension, marking another step in the firm’s growth as it targets £10bn AUM in the first half of 2026.

Smart Pension announced the acquisition of OWPT back in July 2024. It said at the time the acquisition would see more than 300,000 current OWPT members transferred into its master trust.

This acquisition is the latest in Smart Pension’s consolidation strategy, which now includes 10 former master trusts, including the Crystal Trust, Ensign Master Trust, the Welplan Master Trust, the Corpad Master Trust and Corporate Pensions Trust.

The consolidation of OWPT comes weeks after Smart Pension announced that it had acquired WS Stakeholder Pension Scheme from Waystone Management.

Jamie Fiveash, chief executive officer of Smart UK, said the transfer was an “important milestone and further evidence of the strength” of the Smart Pension’s Keystone platform and provider’s consolidation strategy.

He said: “With assets now nearly at £10bn, and positive regular contribution flows of £1.6bn per annum, we are on track to achieve the scale target of £25bn well before 2035, based on organic growth alone.

“The master trust has grown sustainably in excess of 30% per annum for some years now. In 2026 we expect this to be no different, with strong momentum in both AUM and membership, and a healthy pipeline of opportunities. As we grow, our focus remains on delivering outstanding value for savers and providing employers with a dependable, modern pension experience.”

Kem Hogg, group CEO of Global Pension Corporation, said that Global Pension Corporation and Smart Pension worked “collaboratively” to ensure that member interests remained at the centre of this significant transfer while continuing to support and provide high levels of customer service to employers throughout.

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Pamela is IPE's UK correspondent. Before joining IPE in May 2023, she spent five years writing about the insurance industry. During her career so far she won awards for Most Promising Newcomer in 2020 and Best Investigative Article in 2022 from the British Insurance Brokers Association, and was also highly commended at the WTW Media Awards for Insurance Features Journalist of The Year.View full Profile

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