Looking ahead to 2023

In general terms, it’s been a difficult year for many, with the rising costs of living, inflation and the war in Ukraine affecting everyone’s lives.

However, from our own perspective, here at Smart Pension these challenging times serve to remind us of the relevance of what we do every day. Our business is about helping people to better outcomes, not only with their savings for retirement but also in terms of wider financial wellbeing, too. It’s something that’s really worthwhile, and goes beyond the ‘nine to five’ of a working day. It’s more relevant now than it’s ever been before.

As an example, the 5,000-member Ensign Master Trust announced it was joining Smart Pension in October. This consolidation doesn’t just mean that those savers get our ground-breaking digital efficiency and a better customer experience. It also saves them money, meaning that they get to keep more of the money they work so hard to earn and save. Thanks to the move, the average 25-year-old Ensign member with a pension pot of £2,500 will have an estimated £5,200 more in retirement savings at the age of 65 under Smart Pension than under the previous Ensign scheme. 

It proves how we’re saving real people real money – and it’s great to think that what we do can be so worthwhile when it comes to better financial outcomes for members.

All the work we have done on sustainable investing has been another highlight of 2022. This year, we committed to our default fund being net zero by 2040, and without carbon offsetting. That target is ten years earlier than 2050, which is when many pension providers are committing to be net zero. We’re also proud to announce that our default fund is now entirely invested in funds that promote good Environmental, Social and Governance practices.

Over 70,000 UK businesses trust us with their workplace pension scheme. We’re delighted that the Smart Pension Master Trust hit the one million member mark this year, and that our TrustPilot score is 4.6 out of 5.

Before looking ahead to 2023, with lots of exciting projects in the pipeline for Smart Pension, we wanted to take a few moments to share some of the things Smart has accomplished in 2022 and to thank all of our partners, colleagues, clients and members for their continued support.