Salvus Master Trust acquired by Smarterly

Salvus Master Trust has been acquired by fintech firm Smarterly for an undisclosed sum in the first master trust acquisition since the introduction of The Pensions Regulator’s (TPR) authorisation regime.

Following the acquisition, Smarterly now has 70,000 customers and £200m assets under management.

The savings of existing Salvus members will “continue to be safe and secure”, according to Smarterly.

Salvus founder, Steve Goddard, said that the deal would “take Salvus to the next level”.

“I look forward to working with Smarterly and developing the technology so that Salvus employers and members alike can benefit from the fintech revolution,” he added.

The acquisition will allow Smarterly to become the first pension provider to offer “fully rounded digital wealth savings proposition in the workplace” and the firm hopes that the deal will see the platform “develop a ‘next generation’ pensions proposition to make saving for retirement more engaging for all workers”.

It launched its workplace savings platform in 2017 and has over 100 “large” employers, including Aon and Samsung, promoting it, with its current proposition geared around individual savings accounts (ISAs).

Commenting on the deal, Smarterly founder, Ben Pollard, said: “Our corporate clients have been telling us they want to see more innovation with workplace savings and to make pensions more engaging, much like we have been doing with the Smarterly workplace ISA platform.

“We now intend to use our tech to help employee benefit consultants and their clients better engage with employees and to make pensions more engaging."

TPR’s master trust authorisation regime thinned the market down from 90 to 38 master trusts by raising the regulatory bar, and this represents the first acquisition since its introduction.

    Share Story:

Recent Stories

Climate Investing
Laura Blows speaks to Aled Jones, Head of Sustainable Investing for Europe at FTSE Russell, and Adam Matthews, Director of Ethics and Engagement for the Church of England Pensions Board, about the role of climate investing within a pension fund portfolio.

Managing volatility
In the latest Pensions Age podcast, Laura Blows speaks to Cambridge Associates head of European pension practice, Alex Koriath, about the Covid-related market volatility and how pension funds can prepare for the challenges ahead

De-risking options for pension schemes
In this latest Pensions Age podcast, Linklaters' Sarah Parkin talks to Laura Blows about the wide range of choice available to pensions schemes for the partial, or full, removal of their risks

Risk transfer opportunities
Laura Blows speaks to Lisa Purdy, Head of Fiduciary Distribution at Legal & General Investment Management and Gavin Smith, Pricing and Execution Director - UK PRT at Legal & General, about the impact of the recent market volatility on the bulk annuity and risk transfer market and the potential opportunities for the future

Bulk annuities during coronavirus
Laura Blows speaks to Just business development manager Prash Mehta about the impact of coronavirus on transactions