Link Group announced it has entered the UK pensions market, forming a strategic global partnership with a UK-based pension platform.
Link said the partnership with Smart Pensions provides it with a strong a credible market entry point into the fast-growing UK pension administration market and builds on its presence in the Australian and New Zealand superannuation markets.
Link Group managing director John McMurtrie said: "We are impressed by the Smart Pension team and confident in their people and technology capabilities, as well as their extensive understanding of the defined contribution pensions market in the UK."
Link will take on the administration for Smart's UK workplace pension operations, including the administration of the Smart Pension Master Trust.
Susan Ring will lead the new UK initiative on behalf of Link as well as continuing her role as chief executive, corporate markets, EMEA.
Link said the partnership will also provide exclusive utilisation of Smart's platform in certain jurisdictions across Europe and Asia.
"This partnership will leverage Link Group's core capabilities and is an example of our strategy to identify attractive adjacent market opportunities aligned with our service strengths, with a pathway to future growth," McMurtrie said.
Link will join the likes of Legal & General and J.P. Morgan which are amongst those also invested in Smart Pensions.
Smart Pensions chief executive Andrew Evans said the strategic partnership with Link significantly strengthens its global expansion plans while giving Link access to the UK retirement market.
"Link Group has been at the forefront of administration in a very successful Australian superannuation market and it continues to invest in state of the art systems. This is a very positive partnership which facilitates both companies entering new markets," Evans said.
The UK pensions market is the third largest in the world, with around $4.24 trillion in total assets.