Smart Pension is a defined contribution master trust pension scheme setup for UK employers to automatically enrol employees in a workplace pension scheme that meets the required legislative standards.
Video Smart Pension
Operations
Smart Pension uses Apex Fund Services, a global independent fund administration company, to manage all transactions with investment management strategy handled by Barnett Waddingham.
The standard smart pension service is free to use for employers but will indirectly charge the scheme member. Smart Pension have a members' annual management charge (AMC). In 2016, the site was added to the UK government's Pensions Regulator's list of Group Personal Pensions open to any employer, having met the master trust assurance framework and other required criteria.
Maps Smart Pension
Investment and recognition
In July 2016 L&G Investment Management announced that it was investing more than £3 million in Smart Pension. In June 2017, the company won Overall Winner on the DL100 List and Fintech Innovation of the Year at the Digital Leaders Awards 2017.
Legal background
The Pensions Act 2008 is an act of the Parliament of the United Kingdom. The principal change brought about by the act is the requirement for all employees to have to opt out of a workplace pension scheme, rather than opt in. This change in law moves a significant portion of responsibility onto employers in the UK to ensure that they are providing a workplace pension scheme for all eligible employees.
Employers were required to initiate automatic enrolment into their workplace according to set staging dates based on the number of employees in the company. These dates started in 2012 and will run until February 2018, and there are penalties for companies that do not comply.
Smart Pension board members
Chief Executive Officer: Andrew Evans
Evans has held a number of managing director roles in UK banks, in pensions, banking and asset management. His banking resume includes Lloyds Banking Group, Barclays, Caixa Geral de Depósitos and Crédit Agricole.
Managing Director: William Wynne
Wynne had a career in the City before moving online in 2004 to join eBay in a senior management position. In 2006 Wynne went on to found Arena Flowers.
Chairman: Sir Anthony Jolliffe
Jolliffe is a former Lord Mayor of London and founder of the accountancy firm, Jolliffe Cork.
Chief Operating Officer: Peter Walker
Walker has more than 30 years' experience in financial services, including setup of Coutts Bank in Asia, and COO roles in Kleinwort Benson and the Pension Protection Fund.
Non-Executive Director: Tom Valentine
Valentine is the co-founder and managing director of ecommerce travel company Secret Escapes.
Board Adviser: Amy Nauiokas
Nauiokas is the founder and CEO of Archer Gray, a media production, finance, and investment company, and the founder and president of Anthemis Group, a digital financial services investment and advisory firm. Until 2008, she was the CEO of Barclays Stockbrokers.
Board Adviser: Emma Davies
Davies is Head of Property and Infrastructure Investments at Wellcome Trust. Prior to joining Wellcome, Davies ran the London office of Perry Capital, one of the world's leading hedge funds, before helping to set up Big Society Capital.
Non-Executive Director: Duncan Howorth
Former CEO of Jardine Lloyd Thompson PLC.
Non-Executive Director: Emma Douglas
Head of L&G Investment Management, appointed non-executive director as a part of the L&G investment in the company.
Controversy
In 2016 the Advertising Standards Authority upheld a complaint that a Smart Pension direct mail advertisement had 'misleadingly suggested it was an official communication'. Those complaining challenged whether or not it was clear that the letter was an advert. The ASA agreed with the complainant and concluded that the advert "was not obviously identifiable as an ad, that it misleadingly suggested it was an official communication". The ASA went on to state that the advert suggested companies needed to contact Smart Pension in order to comply with auto enrolment legislation, despite this not being the case, as Smart Pension offer a commercial service. Another complaint was made 25 January 2017 (also upheld) showing that Smart Pensions repeated a similar act. Reports of businesses being sent a similar letter in September 2017 point to Smart Pensions continuing to use the same deceptive tactic (Even after 2 regulator judgements)
See also
- Automatic Enrolment, section in wikipedia article Pensions in the United Kingdom
- Pensions Act 2008
- United Kingdom labour law
- The Pensions Regulator
- Arena Flowers
- Matthew Hancock
- National Employment Savings Trust
References
External links
- Official site
- Information on automatic enrolment on The Pensions Regulator website
- Workplace Pensions on www.gov.uk
Source of article : Wikipedia
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