Smart has formally entered the American pensions market ahead of the launch of a record-keeping solution for pension equity plans in 2021.
The global business behind the UK-based Smart Pension master trust said the launch was timed to coincide with the rollout of the US' Secure Act, which includes provisions to improve access to tax-advantaged retirement accounts.
Smart said it already had over 70,000 US retirement plans on its platform, claiming this put it on par with the country's second-largest recordkeeper by number of plans.
The company has appointed Jodan Ledford as its US chief executive. He will leave Legal & General Investment Management America, where he was chief client officer. The US organisation will be based in Nashville, Tennessee.
He commented: "Retirement savings in our country is in a state of flux. Three in ten Americans have decreased or stopped their retirements in the pandemic and more than 38 million US households do not own any retirement account assets.
"The Secure Act provides an opportunity for all of us to help close this coverage gap. We at Smart saw that our technology was needed to help advisers, employers, and partners support even more Americans."
Ledford continued: "With our global platform, we have already shown how we can expand retirement access by making it easy for even the smallest employers to offer cost-efficient retirement plans. We are proud to launch in the US today to help Americans realize the full benefits of the Secure Act with our tested and proven technology, and look forward to making it simpler for advisers and employers nationwide to launch and maintain a retirement plan."
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