Friendly Pensions and its successor GenLife have now become Smart Pension and the outlook for its 10,000 members has been substantially improved.
While GenLife was not insolvent, it decided the best way to achieve its targets was to obtain scale through another key provider in the market. Smart Pension has the financial strength to do the things that GenLife couldn’t.
Most importantly, Smart has the capacity to get the Master Trust Assurance Framework.
Smart Pension is now working with The Pensions Regulator to make sure there’s a smooth transition for GenLife members.
The deal now makes Smart Pension one of the biggest providers specialising in small and micro firms.
We’ve spoken to Smart and we’ve spoken to the Aytons who are handing over their business. We’re satisfied that from an employer and adviser’s perspective it is business as usual. Members’ pension pots will remain with Legal & General and members should move seamlessly to the new trust.
Smart Pension expects to see integration with GenLife completed over the next few months. Last month Smart Pension brought in former Pension Protection Fund (PPF) delivery director Peter Walker to oversee the integration of the GenLife master trust and members with the Smart Pension platform.
With the uncertainty surrounding the acquisition now over, Pension PlayPen looks forward to welcoming Smart Pension onto its platform.
We hope that advisers, employers and the members of GenLife have an orderly transition and that they’re kept abreast of each stage of the acquisition.
The message has to be