STM Group plc has reached an agreement with Smart Pension for the transfer of Options Workplace Pension Trust (OWPT) members to the Smart Pension Master Trust via a bulk transfer.

The deal will see Smart Pension Master Trust receive a transfer of up to £545m in assets under management (AUM), subject to approval from The Pensions Regulator.

In addition, through the deal over 300,000 current OWPT members and their employers can join the Smart platform, and access and control their pension contributions through the Smart Pension app.

The transfer of the OWPT members, alongside the merging of assets in August from the recent acquisition of the Crystal Master Trust, will mark Smart Pension’s 10th master trust consolidation, bringing the scheme's total AUM to over £6bn.

“This latest deal is a significant milestone in our growth strategy and consolidation efforts. It’s further proof of how technology can deliver better value for savers and increased efficiencies for employers,” Smart UK CEO, Jamie Fiveash, said.

“In the coming months, we will be working together with the OWPT to ensure a smooth transition of members and their assets into the Smart Pension Master Trust.

“We look forward to welcoming our new members, who will now benefit from the simplicity and flexibility that our market-leading technology brings to workplace savings.”

Adding to this, STM Group CEO, Alan Kentish, said: “For some time, we’ve been impressed by Smart Pension’s globally recognised technology platform and the company’s dedication to member engagement.

“We’re confident that these create a seamless and successful transition for members to the Smart Pension Master Trust, ensuring our members are in the best of hands for the future.”

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