GenLife merges with Smart Pension six months after launch

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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.”