L&G eyes stake in auto-enrol firm

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Legal & General is eyeing a stake in auto-enrolment pension provider Smart Pension, according to Sky News.

Smart Pension was set up in 2014 to help smaller companies comply with auto-enrolment, ahead of an expected huge surge in interest in the run-up to the 2018 auto-enrolment deadline.

Using Smart Pension is free for employers, though it charges employees a fee of 0.75 per cent of their pension contributions.

Smart Pension already has underlying funds from L&G. Its pensions adminstrator is Apex Funds Services, which has £34bn of assets under administration.

L&G and Smart Pension have been contacted for comment.