GenLife merges with Smart Pension six months after launch


New life company GenLife has merged with Smart Pension just six months after entering the automatic enrolment market.

In April, GenLife launched a master trust with integrated payroll aimed at small and medium-sized employers. It charged members 0.3 per cent in annual management fees plus £1.50 a month.

As part of the merger – for an undisclosed fee – Smart Pension will take over administration of the GenLife master trust. The new combined company will be called Smart Pension and have around 1,500 employers. Both firms use Legal & General Investment Management for fund choices.

Smart Pension chief executive Andrew Evans says: “It makes a great deal of sense to combine our operations.

“This delivers immediate scale which is so important in the auto-enrolment market. This is a significant development in the market and we expect more consolidation to happen in the months ahead.”

GenLife founder and managing director Nick Ayton says: “Smart Pension share the same ethos as we do and there are many synergies.

“They are clever people and passionate about delivering great services and value for pension members.”