Smart Pension Reviews, Transfers, Drawdown and More

Smart Pension is one of the UK’s leading and fastest-growing Master Trust pension providers. Launched specifically to handle the demands of automatic enrolment, it has grown rapidly by focusing on technology, ease of use, and sustainable investing.

In 2026, Smart Pension is recognised as a digital-first heavyweight, managing billions of pounds for over a million UK workers. Their proprietary technology platform, Keystone, is so highly regarded that it is now used by other major financial institutions globally to run their own pension operations.

Smart Pension Products & Investment Strategy

Smart Pension is primarily a workplace pension provider, designed to be low-effort for employers and engaging for employees.

1. The Default: Smart Sustainable Growth Fund

Nearly all members are automatically placed into this lifestyle strategy.

• Sustainability at the Core: Unlike many providers who offer a separate ethical fund, Smart has made ESG (Environmental, Social, and Governance) factors central to their main default fund. They actively invest in companies preparing for a net-zero economy

• Lifestyle Glidepath: When you are younger, the fund takes more risk seeking growth. As you approach your target retirement age, it automatically and gradually moves your money into safer assets (like bonds and cash) to reduce the risk of a sudden market drop just before you retire

2. Self-Select Fund Range

For members who want more control, Smart offers a concise range of roughly 15–20 alternative funds managed by major players like Legal & General and J.P. Morgan. Options include:

• Sharia Fund: Compliant with Islamic investment principles

• Ethical Fund: A stricter screening process for those with strong ethical views

• Cautious/Adventurous Funds: For adjusting your overall risk level outside the default glidepath

3. The App and Portal

Smart Pension’s biggest selling point is its digital interface. Members can see real-time balances, change contribution levels, and update retirement dates instantly via a highly-rated mobile app or web portal.

Putting a Smart Pension into Drawdown

Smart Pension has developed a fully digital journey for accessing your savings, designed to be as easy as online banking.

• Flexi-Access Drawdown: From age 55 (rising to 57 in April 2028), you can access your pot. You can take your 25% tax-free lump sum directly via the portal, leaving the rest invested to be drawn down as taxable income later

• UFPLS (Lump Sums): You can take ad-hoc chunks of money whenever you need them, without setting up a regular income. Each chunk is typically 25% tax-free

• Retirement Modeller: Within their portal, Smart provides excellent tools that help you visualize how long your money might last based on different withdrawal rates

Alternatives to Drawdown

• Annuities: Smart Pension does not issue its own annuities. Instead, they have a partnership with an annuity broker service that allows you to shop the whole market for the best guaranteed income rate

• Small Pot Encashment: If your pot is under £10,000, they offer streamlined processes for cashing it out entirely

Reviewing and Transferring Your Pension

Reviewing Your Smart Pension

Even in a set and forget default fund, a 2026 review is important:

1. Target Retirement Age: The lifestyle strategy relies heavily on the retirement date held on the system. If you plan to work until 68 but the system thinks you are retiring at 65, your money may be de-risked too early, missing out on potential growth

2. Contribution Levels: The app makes it incredibly easy to increase contributions. A review can determine if you are saving enough to meet your goals

Transferring To and From Smart Pension

• Transferring IN (Consolidation): Smart Pension actively encourages members to combine old pots. You can initiate a transfer via the app just by providing the name of your old provider. They use the Origo electronic network, making most transfers relatively fast (10 to 15 working days)

• Transferring OUT: Smart Pension is fully portable. There are no exit fees if you decide to move your money to a SIPP or another provider offering features Smart may lack (like individual share dealing)

Pros, Cons, and Customer Reviews (2025-2026)

The Pros

• Digital Excellence: One of the best user interfaces in the pensions industry; managing your pension on your phone is seamless

• Sustainability Default: You don't have to opt-in to save the planet; their main fund is already focused on sustainable growth

• Competitive Fees: As a large Master Trust, their default fund fees are generally very competitive (typically under 0.50% all-in)

The Cons

• Limited Investment Choice: You cannot buy individual stocks, ETFs, or investment trusts. It is not a DIY SIPP platform

• Support Channels: As a digital-first company, they push users toward FAQs and chatbots. Getting a human on the phone during peak times can sometimes require patience

What Customers are Saying

"I love that I can see my pension balance update every day on my phone. It makes retirement feel real. The fact that it's invested sustainably without me having to do anything is a huge bonus." — Trustpilot Review, Jan 2026

"Moved three old workplace pots into Smart. It was very easy to do on the app. When I had a question about drawdown tax, the live chat was helpful, though it took a while to connect." — Member Feedback, Dec 2025

How Our IFA Service Can Help

While Smart Pension is fantastic for accumulation (building your pot), the decumulation (spending) phase can require professional advice. At Money Help Desk, we connect you with Independent Financial Advisers (IFAs) who can supplement Smart’s digital tools.

Our IFA service helps you by:

1. Drawdown Strategy: Smart provides the mechanism for drawdown, but an IFA provides the plan to ensure you don't run out of money or pay unnecessary tax

2. Whole-of-Market Annuity Check: If you want a guaranteed income, we ensure the partner broker Smart uses is truly giving you the best rate, especially if you have health conditions

3. Sustainability Audit: We can dive deeper into Smart’s ESG claims to ensure their definition of sustainable matches your personal ethics

4. Complex Consolidations: If you have old pensions with high exit fees or guarantees, we check them before you move them to Smart's simple structure

To speak with an IFA for a free review of your Smart Pension and your retirement options get started here.