On the go: Welplan Pensions Master Trust is consolidating with Smart Pension, after a decision not to seek master trust authorisation.
The scheme has 1,800 participating employers and 55,000 individual members, and more than £200m in assets under management, which will be transferred into Smart Pension.
The transition of future contributions is now expected in the next few months, and the transfer of assets is planned to take place later in the year, the master trust stated.
According to Dianne Day, chair of the board of trustees of Welplan Pensions, the scheme’s priority has been finding the right default receiving scheme for its members.
“We looked for a provider that shared our aims and values, in terms of delivering for members and employers. As well as their technology, we were particularly impressed with the strong trustee governance and value for money that the Smart Pension Master Trust will provide our members,” Ms Day said.
“We are pleased to say that the Pensions Regulator has approved our implementation strategy, and we will continue to work very closely with the team at Smart Pension to make the transition as seamless as possible for our employers and members.”
This is the latest acquisition for Smart Pension following the transfer of more than 20,000 members from the £20m Corpad Master Trust, and 6,500 members from the £12.5m Lighthouse-sponsored Corporate Pensions Trust in 2019.
