One of Norway’s wealthiest families is snapping up a stake in a British auto-enrolment pension provider, according to reports.
The Stensruds, a fund tycoon family that owns the Norwegian asset manager Skagen, has agreed to invest millions of pounds in Smart Pension, Sky News reported yesterday.
Its investment in Smart Pension’s £15m series B funding comes ahead of a looming deadline next year for UK companies to assist employees without retirement plans.
Smart Pension, which launched two years ago, has said it signs up a new employer to its platform every seven minutes or so. It specialises in targeting smaller businesses, which are less equipped than larger firms to meet the new pension assistance requirements.
It was co-founded by a former head of Lloyds Banking Group's wealth unit and a technology entrepreneur.
The series B funding round will take the total amount of capital invested in the company since it was set up to £25m and will value it at around £65m, insiders told Sky.