RIBA Business supplier spotlight series with Smart Pension

In this RIBA Business Supplier Spotlight, we are joined by Paul Budgen, Director of Business Development at Smart Pension, our pension provider. Paul discusses how they work with clients, sustainable investing and the ease of transferring pension pots across due to their technology-first approach. Paul has over 25 years of experience in the pension industry and has seen how it has revolutionised.

Tell us a bit about Smart Pension

Smart Pension is one of the UK’s largest workplace pension providers, running an award-winning master trust scheme that is fully regulated by The Pensions Regulator. Investments are overseen by independent trustees whose job is to put clients' best interests first, while a tech-first approach makes administration and saving simple, seamless and hassle-free for both employers and employees.

How do you work with clients?

Our user-first approach is what makes us different from other providers. Our technology and features have been rigorously designed and tested by real clients, employers and advisers. We favour technological solutions which means that if we can use a digital approach to improve or automate something we definitely will. There are always opportunities to get involved with user research and we’re always open to feedback and suggestions so that we can provide the best service possible.

The Smart Pension brand embodies all of the bullet points below:

• Accessible – we’re open to businesses of every size
• Streamlined – administration is simple, with easy online access and management for members, employers and advisers
• Flexible – clients can choose to remain in the default fund or select from 17 alternative funds including ethical, Shariah and ESG funds
• Ethical – we’ve teamed up with Make My Money Matter to provide a net zero emissions investment portfolio before 2050
• Fair and transparent on pricing
  
• Helpful – we’ve got a library of useful guides, articles and videos to help, and our team are always on hand if you have any questions

What special benefits do RIBA members receive through Smart Pension?

As a partner of RIBA, Practices are able to access a special rate that you wouldn’t get by going through Smart directly. We also work very closely with the dedicated team at RIBA, included as part of the Pension Solution who are on hand to help clients directly. This provides an enhanced service to help employers set up and manage their scheme.

There is also a special offer in place currently, with no sign-up fee to anyone who transfers to Smart Pension from another provider before 30th June 2021. The transfer is very simple, we do the hard part for you guiding you through the options to get you the best solution in place. Contact the team at RIBA to make the switch by emailing ribapension@riba.org or calling +44 (0)20 7307 3737.

How can clients make the most of their pension?

For a lot of people, retirement can seem a very long way away and is something to worry about further down the road, but the reality is that the sooner you start saving, the less you’ll have to worry. One of the main challenges we face as a provider is how we get members to engage with their pensions and start thinking about their future at a younger age.

We know how technology has revolutionised the banking industry, so why can’t we take that and apply it to pensions? Well, that’s exactly what we’re doing at Smart Pension. We use technology to make pensions more engaging, more understandable and accessible to everyone, through the use of videos, relatable icons and content written in plain English.

Additionally, there are a few simple things that our clients can do to stay on top of their pension savings.

1. Activate and sign in to your account – by doing this you’ll be able to keep track of your savings and explore your account.
2. Complete your expression of wish – this is a quick form that you can complete online that just lets our trustees know who you would like your savings to go to if something bad happens to you.
3. Watch our latest member webinar – we take a look at responsible and sustainable investing and how your pension savings can create a future that we all want to retire in.
4. Transfer your pension savings to one easy to manage place – having pension savings with more than one provider can be difficult to stay on top of, so why not see if you can transfer them into one easy to manage place?
5. Download the app – just like banking we’ve made it even easier to manage your savings with the Smart Pension app. Available on Android and iOS.
6. Read your annual pension statement – again, just like banking we’ve gone paperless where we can. You can read your two-page statement online just by signing in to your account, it’ll tell you what your savings are worth, and an estimate of how much you’ll have when you retire.

What does the future of pensions look like?

There are a great number of regulatory changes happening in the industry right now, all of which are designed to make sure that providers are doing the right thing for their clients. Making sure that schemes are secure, and people’s financial futures are protected has always been a priority, and the industry is finally realising that technology is key to this. We’ve been using technology in this way since we started, it’s not only about improving the member experience, but making sure that behind the scenes we’re streamlining and using technology to keep your savings as safe as possible.

The future is also definitely ESG – more and more people are demanding businesses do better for the planet and for society – and pension savings is no different. People, and especially architects are becoming more aware of how their savings can support profitable companies that build a sustainable, safe and stable future for society and our planet.

In a series of interview led articles, we will provide an up-close and personal look into the portfolio of products & services chosen to help support you in practice. Smart Pension is part of the RIBA Pension Solution for both employers and employees. If you have any further questions or want to learn more about your scheme, please email ribapension@riba.org or visit www.smartpension.co.uk.