Smart Pension is set to take on all members and employers of the Welplan Pensions Master Trust, following its closure last year.
The move comes after Welplan Pensions triggered its exit from the master trust market back in March, with just a few days to go until The Pensions Regulator's (TPR) application deadline, claiming the regulatory environment "favours much larger scale" schemes.
Welplan Pensions - which has aggregate funds under management of more than £200m - will make Smart Pension Master Trust its default receiving scheme and will transfer its existing 1,800 participating employers and 55,000 individual members into the authorised master trust.
This comes after Smart Pension consolidated the £20m Corpad Master Trust in May last year, taking on more than 20,000 active members. The master trust also absorbed more than 6,500 members from the £12.5m Lighthouse-sponsored Corporate Pensions Trust last year, after its trustees decided not to apply for authorisation.
Welplan Pensions has written to all employers to inform them of the move and to reassure them that Welplan Pensions will continue to be expertly managed until the transfer is complete. The transition of future contributions is expected in the next few months and the transfer of assets is set to take place later this year.
Smart Pension chief executive and co-founder Andrew Evans said: "This was an important decision for the trustee and we are pleased that Welplan values our governance and value for money. We are impressed with Welplan's approach to excellence in client service and care, which will continue going forward.
"This is great news all round, particularly for the members and employers who will have access to our world-class technology."
Welplan Pension trustee chairwoman Dianne Day added: "Following the strategic decision to close Welplan Pensions our priority has been finding the right default receiving scheme for scheme 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 are particularly impressed with the strong trustee governance and value for money that the Smart Pension Master Trust will provide our members."
Smart Pension received master trust authorisation from TPR in September last year after a rigorous process which saw 38 master trusts authorised and 44 exit the market.
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