12 days of start-ups: Smart Pension
The auto enrolment pension platform streamlining an ageing market
Founders: Andrew Evans and Will Wynne
Launched: May 2015
Despite being “the UK’s biggest asset class”, the pensions market is old fashioned and sluggish, weighed down by laborious processes and bureaucracy and geared towards larger firms.
With the government’s incoming workplace pension changes set to affect small businesses, founders of Smart Pension Andrew Evans and Will Wynne saw a need for a technological solution to lessen the burden. Their platform takes the form of an end-to-end auto-enrolment provider, which aims to mitigate hassle and expense while remaining compliant with legislation.
There is no charge to employers or advisers using the platform – instead members pay the equivalent of £1.50 on an average salary for the service. And since going live in May, Smart Pension has signed up 2,500 companies and more than 30,000 members.
A great start, but just a drop in the ocean for the ambitious business. By 2018, it expects 1.75 million companies to have auto-enrolled, and with a rapidly growing market for pension plans, partnerships with the likes of DueDil and GoCardless and £1.65m investment, the future looks bright for Smart Pension.