Lifetime picks up UK pension business

NZX-owned Smart has agreed to sell the management rights to its $140 million SuperLife UK Pension transfer scheme to Lifetime Asset Management for an undisclosed sum.

Lifetime takes over at the end of October and plans to consolidate the fund managers it uses.

"Lifetime has extensive experience in managing UK pension transfers, and this change is expected to provide ongoing benefits to SuperLife UK Pension members. Members’ fees will not increase and the cost of the change will not be applied to members," SuperLife says.

"Smart has made a strategic decision to retire as the manager and transition the management of SuperLife UK Pension to Lifetime Asset Management, the manager of the specialist pension transfer Garrison Bridge Superannuation Scheme. This decision reflects Smart’s focus on streamlining its business and concentrating on its core offerings, while also fostering a valuable institutional relationship with Lifetime.