Smart Pensions

Smart Pension is a digital-first pension platform designed to help employers easily and efficiently manage their pension administration. It caters to small to medium-sized businesses in the UK and is utilized by employers in various industries such as retail, hospitality, healthcare, and professional services. Additionally, Smart Pension is also beneficial for self-employed individuals and contractors, as well as financial advisors, accountants, and payroll providers who offer pension services to their clients.

Key Features

Digital-first pension: According to the vendor, Smart Pension is a digital-first pension platform that leverages technology to provide employers with an easy-to-use platform for managing their pension administration. Members can also manage their pension savings through the Smart Pension app, offering convenience and accessibility.

Sustainability: According to the vendor, Smart Pension is committed to investing members' pension savings in a sustainable manner. It aims to deliver a strong return on investment while addressing climate change and making a positive impact on society and the planet. The platform has set a target to achieve net zero emissions by 2040 and actively promotes sustainability in its investment strategies.

Governance: The vendor states that Smart Pension prioritizes the protection of members' pension savings through strong governance practices and oversight from independent trustees. The platform adheres to regulatory requirements and industry best practices to ensure the security and integrity of members' funds.

Build your pension: According to the vendor, Smart Pension allows members to build their pension savings by choosing how much to contribute each month. They can easily track their pension savings and make adjustments to their contributions as needed. The platform provides tools and resources to help members estimate how much they need to save for retirement and make informed decisions about their pension contributions.

Plan for retirement: According to the vendor, Smart Pension provides members with tools and resources to plan for their retirement. This includes access to retirement calculators that estimate future pension income based on current savings and contributions. Members can explore different retirement options and consider factors such as retirement age, pension income choices, and additional savings needed.

Taking your pension: The vendor states that Smart Pension offers members flexibility in how they take their pension. They can choose from various options, such as annuity, drawdown, or a combination of both. The platform provides guidance and support to help members understand the implications and considerations of each retirement option.

Take a flexible income: According to the vendor, members can take a flexible monthly income that can be adjusted to meet their personal income needs in retirement. This feature provides ease and control for individuals transitioning into retirement, allowing them to have a steady stream of income while maintaining flexibility.

Get a guaranteed income later in retirement: According to the vendor, members can keep some of their pension savings invested to grow for later in retirement. This money can be used to purchase an annuity that provides a guaranteed income, offering individuals the option to secure a stable income for their later years.

Withdraw money when you need it: According to the vendor, members can withdraw cash lump sums from their pension savings whenever they need to pay for planned expenses. This feature allows individuals to access their funds for specific purposes such as home improvements or vacations, providing flexibility in managing finances during retirement.