Legal and General Investment Management (LGIM) has taken a minority stake in a digital platform to boost its auto-enrolment (AE) offering for micro employers.
It has partnered with Smart Pension, a fintech firm, which specialises in AE for small firms.
Small schemes will now have access to a range of LGIM defined contribution (DC) pension funds specifically designed for the Smart Pension solution.
LGIM chief executive Mark Zinkula said: "Achieving excellence in technology continues to underpin our overall strategy. To be successful in this digital age, we know how important it is to embrace and invest in innovative technology solutions that offer substantial benefits to our customers."
Head of DC Emma Douglas (pictured above) will take a non-executive seat on the board at Smart Pension.
She added the partnership with Smart Pension would ensure AE becomes scalable and successful for "even for the smallest employer".
Smart Pension is free to enrol and guarantees to accept every employer and employee.
It cites figures from the Department for Work and Pensions that from early 2019 the AE sector will generate £15bn in new pension savings every year.
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