Hargreaves Lansdown (HL) has unveiled a multi-million-pound, multi-phase technology partnership with the pensions administration platform, Keystone.

Under the agreement, Keystone will support changes to HL’s employer administration capabilities, enabling employees to access payroll cash savings accounts, general investment accounts and HL’s ISA range alongside an HL or third-party workplace pension.

The investment follows HL’s move into private ownership in March 2025, and the firm said the partnership reflects its intention to expand its workplace business, which currently accounts for more than £9bn of assets under administration.

Keystone, which provides digital savings infrastructure to governments and financial services providers globally, also currently supports Smart Pension’s master trust in the UK.

Commenting on the deal, HL chief executive, Richard Flint, said the partnership was intended to improve the workplace client experience and formed part of a wider programme of investment following the firm’s ownership change earlier this year.

He stressed that the deal underlined HL’s long-term commitment to the workplace market and noted that further details on how the proposition will evolve are expected to be shared over the coming months.

He added that the firm plans to roll out a revised workplace offering to a broader range of employers and employees starting in 2026, supported by a single digital platform.

Echoing this, HL director of workplace solutions, Stephen Lefley, claimed the partnership would support a wider range of employer needs, from smaller and growing businesses to larger organisations reviewing existing provision.

Lefley added that, as regulatory proposals continue to develop, maintaining choice and flexibility within workplace arrangements remains an important consideration for employers and members.

He noted that HL expects the platform changes to support different savings needs across income groups, including both basic savings accumulation and more complex allowance management.

Keystone chief commercial officer, Andy Marshall, said the agreement represented a further step in Keystone’s expansion in the UK market.

Marshall claimed the partnership reflected ongoing demand for updated retirement technology and argued that working with HL would extend Keystone’s activity beyond core pension administration into a broader range of long-term savings products.

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