Smart Pension review for small employers

Smart Pension is an authorised master trust used by about 100,000 UK employers. Small employers who sign up directly pay a monthly charge that Smart sets by business size, and staff pay a fund charge plus a small monthly fee. This page sets out what Smart publishes, as checked on 6 November 2026, and does not rate or rank the scheme.

What is Smart Pension?

Smart Pension is a workplace pension run through the Smart Pension Master Trust, which the Pensions Regulator lists as authorised. Authorisation means the trust has passed the regulator’s tests on governance, funding and systems.

The scheme is operated by Smart Pension Limited, company number 09026697, at 136 George Street, London. Smart says it manages £10 billion of assets as of October 2026 for two million savers. Its growth has come partly from taking over other schemes, such as the Ensign and Welplan master trusts.

Smart Pension Limited says it does not give financial advice and is not regulated by the FCA. The master trust is supervised by the Pensions Regulator.

What does Smart Pension cost employers?

Smart Pension does not publish a single employer price. Its charges page says employer charges depend on business size and headcount, whether you transfer existing assets, and whether you sign up directly or through a payroll bureau or adviser.

The page does not say what “a certain size” means, or how much the monthly charge is. Older third-party guides quote fixed figures, but Smart’s current page does not confirm them, so get a written quote before you sign. Smart’s New Business Team is on 0330 124 7409.

Smart says it does not charge advisers for any services. If your accountant or payroll provider already uses Smart, ask whether signing up through them changes your charge.

What does it cost your staff?

Members pay a fund charge, called the Total Expense Ratio (TER), plus a small monthly fee. Smart’s charges page says the TER varies with the fund chosen and that members can see their own charges by logging in.

Smart wrote to members of the former Welplan scheme setting out charges from 1 January 2026:

• the Smart Sustainable Growth Fund TER fell from 0.45% to 0.40%
• a monthly fee of £1.85 was introduced
• no monthly fee is taken if combined savings are £100 or less

We could not confirm from Smart’s public pages that these figures apply to every employer’s members. Some employers negotiate different member charges, so check the figures for your own scheme.

How do the charges compare with the legal cap?

The law caps charges on an auto-enrolment default fund at 0.75% a year. Regulation 6 of the Occupational Pension Schemes (Charges and Governance) Regulations 2015 also allows a percentage charge combined with a flat fee of up to £25 a year.

A £1.85 monthly fee is £22.20 a year. On a small pot that flat fee matters more than the percentage. For example, on a £2,000 pot, 0.40% is £8 and the fee adds £22.20, so the total is £30.20, or about 1.5% of the pot that year. On a £20,000 pot, the same charges total £102.20, about 0.51%.

These are our own illustrations using the January 2026 member figures. Use them to compare like with like against other schemes, as in our workplace pension providers comparison.

What do you still have to pay in?

The scheme’s charges come out of members’ pots, but your contributions are set by law. GOV.UK sets the minimum at 8% of qualifying earnings in total, with at least 3% from you. For 2026/27 qualifying earnings are pay between £6,240 and £50,270 a year.

Our guide to employer pension contributions has worked examples. The employer cost calculator shows what pension and National Insurance add to a salary.

Which option applies to you?

• If you have a handful of staff and run payroll yourself, log in or ask Smart for the monthly employer charge before you commit.
• If your accountant or payroll bureau uses Smart, ask them to set you up and confirm the charge in writing.
• If your staff have small pots or move jobs often, compare the £22.20 yearly fee with schemes that charge only a percentage.
• If you want no employer fee at all, read our Nest pension review and The People’s Pension review.
• If cost is your main test, see our list of the cheapest workplace pensions.

What to do now

1. Get the employer charge in writing. Smart’s website does not publish an amount.
2. Check member charges for your scheme. Ask for the default fund TER and the monthly fee.
3. Check payroll compatibility. Make sure your payroll software can send contribution files to Smart.
4. Check the tax relief method. Low earners can lose out under net pay arrangements.
5. Diary re-enrolment. You must re-enrol eligible staff and re-declare compliance every three years.

Frequently asked questions

Does Smart Pension charge employers?

Smart says new employers who sign up directly, and existing employers under a certain size, pay a small monthly charge. It does not publish the amount; you can see it under “Account charges” in your employer account.

What is the Smart Pension monthly fee for members?

Smart told former Welplan members that a monthly fee of £1.85 applies from 1 January 2026. No monthly fee is taken if a member’s combined savings are £100 or less.

Is Smart Pension regulated?

The Smart Pension Master Trust is authorised and supervised by the Pensions Regulator. Smart Pension Limited says it is not regulated by the FCA and does not give financial advice.

How big is Smart Pension?

Smart says it manages £10 billion of assets as of October 2026, for 100,000 employers and two million savers.

Can I move my company pension to Smart Pension?

Yes. You can switch future contributions to a new qualifying scheme as long as you keep meeting your auto-enrolment duties without a gap. Moving existing pots is a separate decision for members or trustees.