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.”