News in brief – 15 July 2022

Smart has launched Keystone, a new technology platform that aims to “revolutionise” the retirement savings sector.

Keystone already underpins Smart Pension’s master trust in the UK and accounts for more than one million savers and 70,000 corporate plans. Smart stated that the platform has the capacity to serve 100s of millions and will now be rolled out to corporate and public sector clients across the global pensions industry. The platform is cloud-native and operates on a single global code base, and also aims to bring efficiency to large data migrations, meaning that consolidation and merger and acquisition projects can happen more quickly.

Digital pensions platform, Penfold, has announced the launch of its latest crowdfunding round, following the launch of its workplace pension platform in late 2021.

This round of crowdfunding aims to raise £5m and is being opened to expand the pension provider’s workplace pension division. The division has signed more than 150 businesses since its launch nine months ago. Since its inception, Penfold’s customer base has increased to more than 25,000 savers with more than £90m of assets, with its last crowdfund last year selling out in 24 hours.

Peel L&P and Pension Insurance Corporation (PIC) have commenced the construction of Miller’s Quay, an investment in what will become the ‘largest’ regeneration project in the UK.

The project will create up to 20,000 permanent jobs as part of a 500 one- and two-bedroom residential scheme. The £130m Miller’s Quay development was made possible through a partnership between Peel L&P, Wirral Metropolitan Borough Council and PIC, which is Peel L&P’s funding partner. Construction company Graham is the contractor for the scheme.

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