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Revolut partners with Smart Pension for auto-enrolment

Will Wynne, MD and Co-Founder of Smart Pension

Will Wynne, MD and Co-Founder of Smart Pension

Revolut has announced that it is teaming up with pensions provider Smart Pension in order to provide business customers with automatic enrolment pensions in the UK.

Workplace pensions and automatic enrolment are compulsory for businesses in the UK, and customers signing up for a Revolut Business account before 30 April 2020 will receive preferential rates on pension fees, as part of the deal.

The partnership was enabled by Revolut’s introduction of Direct Debits with Modulr last week.

Commenting, Will Wynne, MD and Co-Founder of Smart Pension, said the two companies teaming up is a great FinTech partnership as they share similar business philosophies.

Wynne told IBS Intelligence: “It’s about building financial technology that solves a problem and makes life easier. In this instance, Revolut’s business customers can now sign up for a pension with fair and transparent fees, in minutes in one place, on their phone or tablet. We are also solving a problem for businesses domiciled in the EU to comply with their pension responsibilities for their UK-based employees in a much more sensible and straightforward way.”

Furthermore, Wynne noted that Revolut addressing issues such as making international financial services more accessible as they allow global businesses to comply with local regulations.

“As the trend towards mobile banking continues to rise, so making pensions more interactive and responsive with features such as our app and Alexa Skill, ultimately leads to more enhanced engagement, higher levels of saving and better pension outcomes. Partnering with Revolut takes that one step further.”

Also commenting on the deal, Vaidas Adomauskas, Head of Business Product at Revolut, said: “Our new partnership with Smart Pension makes it easy for our business customers to meet auto-enrolment requirements for eligible members of their companies.

“Not only can account holders take advantage of this preferential rate from Smart Pension, but they can set up both a business account and get pensions up and running in minutes. This partnership is a game-changer for our customers.”

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