The owners of a Norwegian asset manager, Skagen, is taking a multi-million pound stake in UK pension provider Smart Pension.
Smart Pension is a master trust that provides a pension to auto-enrolled workers, in which Legal & General (L&G) owns a minority stake. The master trust targets the thousands of small businesses which are having to enrol their employees as auto-enrolment reaches the final stages of its roll out.
Earlier this year Smart Pension took on members of a workplace pension scheme, My Workplace Pension, which was being wound down.
Smart Pension said it had been approached by other smaller schemes looking to transfer their members.