Tapping into the world’s fifth largest pension market, Link will be providing financial technology for its 500,000 users in the UK.
Link Administration Holdings (ASX:LNK), a financial technology firm has signed a strategic partnership with UK-based Smart Pension. Providing administrative services, Link will work with Smart Pensions 5000,000 members throughout auto enrolment and Smart Retire offerings, for example.
As quoted in the press release:
Smart Pension was launched in 2015 and has already established a presence in the rapidly growing UK auto enrolment market and corporate defined contribution market. Smart Pension currently has half a million members and 60,000 employers.
Auto enrolment, similar to the superannuation guarantee legislated in Australia, has required all UK employers to automatically enrol their eligible workers into a pension scheme – replacing the previous ‘opt out’ system. The rollout of the reforms was completed in early 2018.