Smart Pension, a UK defined contribution (DC) master trust provider, has announced a new strategic partnership with Australian superannuation administrator Link Group aimed at fostering business for both companies in new markets in the UK and other countries.
Link Group is to make an equity investment in the UK fintech firm as part of a strategic placement round, the two companies said.
They said the investment would give Link Group “a strong and credible entry point into the growing UK retirement market” as well as significantly strengthening Smart Pension’s global expansion path.
Andrew Evans, chief executive officer of Smart Pension, said: “This strategic partnership with a world-class player like Link Group significantly strengthens our global expansion plans while giving Link Group access to the UK retirement market and our leading financial products including our innovative at-retirement solution ‘Smart Retire’.”
Meanwhile, Link Group Managing Director John McMurtrie said his company was very impressed by Smart Pension’s team and confident in their people and technology capabilities, as well as their extensive understanding of the UK’s DC pensions market.
Under the strategic partnership, Link Group will take on the administration for the Smart Pension Master Trust, and McMurtrie will become a non-executive director of Smart Pension.
Link Group’s investment in Smart Pension is the third by a large pensions firm since the UK company was launched in 2015 by co-founders Evans and Will Wynne, managing director.
JP Morgan became a minority equity investor in the company in January 2019, and LGIM invested in 2016.