Smart Pension consolidates Stakeholder Pension Scheme as it nears £10bn milestone

Acquisition represents £580m and takes Smart Pension to the UK’s 8th largest DC master trust

18 November 2025, London – Smart Pension, one of the UK’s leading workplace pension providers, announces that it has acquired the WS Stakeholder Pension Scheme, from Waystone Management (UK) Limited. Members of the WS Stakeholder Pension Scheme have transferred to the Smart Pension Master Trust. The acquisition of the stakeholder scheme, by a DC master trust, is the first of a new wave of potential consolidations and paves the way for further similar contract to trust consolidations. As a result of the transaction, Smart Pension becomes the eighth largest DC master trust in the UK.

The agreement has seen £580m in Assets Under Management (AUM) transfer to the Smart Pension Master Trust, bringing Smart Pension’s total AUM to over £8.5bn. More than 19k members who have joined Smart Pension, will benefit from Smart Pension’s expertise, increased efficiencies and easy access to and control over their pension contributions through the Smart Pension app.

The acquisition of the WS Stakeholder Pension Scheme demonstrates once again the suitability of our platform for consolidation in the master trust marketplace. Smart Pension has already consolidated 10 master trusts, including the Crystal Master Trust, Ensign Master Trust, the Welplan Master Trust, the Corpad Master Trust and Corporate Pensions Trust.

Smart Pension is set to rise to over £10 billion in AUM in the first half of 2026 due to further growth and consolidations. This includes up to 300,000 members and assets from the consolidation of Options Master Trust, expected to transfer to Smart Pension in the coming weeks.

Jamie Fiveash, CEO of Smart UK, said:

“This latest deal is a significant milestone in our growth strategy and consolidation efforts. It’s further proof of how our technology enables us to consolidate schemes of all types across trust and now contract based pensions. We are delighted to welcome our new members, who will now benefit from the simplicity and flexibility that our market-leading technology brings to workplace savings.

We now have over £8.5bn bn AUM and we will achieve a £10bn AUM milestone in the first half of next year through secured acquisitions, new business and member regular contribution flow. This, alongside a rapidly changing and consolidating market, makes us incredibly excited for the years ahead.”

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