Pensions that are already built for the future

Proud to be pioneering

I recently read a PricewaterhouseCoopers (PwC) paper that reinforced a belief that's shaped how Smart Pension has approached the market from day one. Rather than trying to adapt legacy systems to meet modern demands, we've built a platform designed for where the industry is heading. We are proud to be pioneering. That difference matters. It means our customers aren't spending years waiting for us to catch up with their expectations.

Future-proof by design

PwC’s paper, Building the brave new world of pensions administration: no more road to nowhere is an in-depth look at the issues that many providers now face. Ageing platforms, fragmented data and rising expectations are piling pressure onto processes that weren’t designed for today's world. Their systems are straining to cope – and incremental fixes won't be enough. 

These are thorny challenges, with no easy answers. We know the industry as a whole is working very hard to address them. But because Smart Pension was built with pioneering technology from the start, the problems the report describes simply don't apply to us. 

Technology has always been our backbone, removing barriers and creating frictionless experiences, clear choices and speed. It allows us to challenge traditional administration models by eliminating repetitive, rules-based, low-risk admin tasks and giving members control over their pension savings through self-service. In turn this frees up our resources, so we can handle the more complex cases and provide personalised guidance to our members when they need it.

Data you can rely on

The paper says fragmented data is proving costly for providers, slowing them down, while causing visible – and frustrating – errors for members. It adds that data is increasingly acknowledged as a ‘strategic infrastructure’.

At Smart Pension, clean, structured data is integral to our digital-first technology. It allows us to be agile, accurate and innovative. It lets our platform integrate seamlessly with payroll software, automating routine tasks and streamlining administration for our team and employers, keeping costs down and minimising mistakes for our members and their employers.

This same data provides insights into our members’ behaviours, telling us when and why they take actions. This is invaluable for informing our member-led design and allowing us to continuously improve our services.

Stand-out service

The paper states that people increasingly expect their pension to be as seamless to manage as their mobile banking and online shopping. 

Again, we’re doing this already. We know our customers are happy because we have thousands of five star reviews and are the number one rated pension provider on Trustpilot. 

That’s in part because our members can easily make instant changes to their pension at any time through our easy-to-use Smart Pension app, or their online account. But while we’re digital first, we’re not digital only.

Our technology frees up our team to give proper time and attention when it matters. Retirement is one of life’s most significant milestones, which is why we encourage our members to book an appointment with our Retirement Support team to discuss their options. A typical appointment lasts 25 minutes and members receive tailored  guidance to help them feel informed about the decisions they make about their future. Plus, if they call us with a question, on average we answer the phone in under 10 seconds.

Creating trust though transparency

Another of the key points from the paper is that tools like pension dashboards and AI mean increasingly pension providers have nowhere to hide. Governance, oversight, transparency and security are critical to building trust among members and employers. 

At Smart Pension, we strive to be as transparent as possible aided by our clean and structured easy-to-share data. An example of this is our industry-first call wait time tracker. 

With the help of our technology we put our members firmly in control of their retirement by making their journey as straightforward, clear and understandable as possible. Strikingly, 97% of our members who maximised their tax allowance before the deadline used the automated ‘Add Money’ feature in their Smart Pension account. And, in a survey by Investor in Customers, a member commented: ‘Friendly, helpful staff. User-friendly online. Everything is simple to use and I am seeing a good return so far.’

We’re not standing still

The paper’s core message is that many providers urgently need to make a sustained investment in fixing the foundations of their pensions administration – and not just invest in the shiniest app.

We agree completely. But it is reassuring to know while the industry is playing catch up, we’re already ahead. 

We’re in the privileged position to be able to evolve our cutting-edge technology, rather than having to replace an ageing infrastructure. This technology allows us to invest in private markets – including things like renewable energy and infrastructure in the UK – setting us apart from more traditional providers.

We’re not being complacent. We want to continue to improve the experience for our 2 million savers, 100,000 employers and our teams. To continue to build on our strong foundations. To continue to look to the future. Learn more about why you should choose Smart Pension.

Smart Pension. Driven by people. Powered by technology. Built for the future.

About Smart Pension

Launched in 2015, Smart Pension now exceeds £10bn in Assets Under Management (AUM) and serves 2 million members and 100,000 employers. It is powered by Keystone, Smart’s global savings and investments technology platform.

Aquiline, Barclays, Chrysalis Investments, DWS Group, Fidelity InternationalStrategic Ventures, J.P. Morgan, MUFG and Natixis Investment Managers are all investors in Smart Pension.