Smarterly launched its workplace savings platform in 2017 and has already secured over 100 large employers who promote its platform to encourage healthy savings habits with the convenience of saving directly from pay. Smarterly’s current proposition is geared around Individual Savings Accounts (ISAs) which are increasingly seen as an attractive adjunct to pensions as millennials prioritise savings for their first home and higher earners are impacted by the reduced annual and lifetime pension allowances.
Latest research from Smarterly shows that almost three quarters (73.2%) of respondents agree that workplace savings shouldn’t just be about pensions – they should include other savings options, such as ISAs. And nine in ten (89.6%) expressed interest in exploring a “sidecar” model for their pension scheme – a workplace ISA running alongside their pension scheme.
The appetite for this kind of approach to workplace savings among employers is clear and still more innovation is needed. In the same research, nearly two-thirds (65.2%) of respondents believe that pension providers aren’t doing enough to introduce new and progressive products.
Ben Pollard, Founder and CEO of Smarterly said: “Our corporate clients have been telling us they want to see more innovation with workplace savings and to make pensions more engaging, much like we have been doing with the Smarterly workplace ISA platform. We now intend to use our tech to help Employee Benefit Consultants and their clients better engage with employees and to make pensions more engaging."
Steve Goddard, Founder of Salvus said: “This deal will take Salvus to the next level and I look forward to working with Smarterly and developing the technology so that Salvus employers and members alike can benefit from the fintech revolution."
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