The partnership will see Link Group take an equity investment in the UK fintech firm as part of a strategic placement round.

The strategic investment gives Link Group a strong and credible entry point into the growing UK retirement market and will significantly strengthen Smart’s global expansion path, which has already seen it sign deals to deliver its savings platform technology in Ireland and Dubai.

Smart Pension co-founder and CEO Andrew Evans said: “This strategic partnership with a world-class player like Link Group significantly strengthens our global expansion plans while giving Link Group access to the UK retirement market and our leading financial products including our innovative at-retirement solution ‘Smart Retire’.

“Link Group has been at the forefront of administration in a very successful Australian superannuation market and it continues to invest in state of the art systems. This is a very positive partnership which facilitates both companies entering new markets.”

Link Group Managing Director, John McMurtrie, said: “We are impressed by the Smart Pension team and confident in their people and technology capabilities, as well as their extensive understanding of the defined contribution pensions market in the UK.

“This partnership will leverage Link Group’s core capabilities and is an example of our strategy to identify attractive adjacent market opportunities aligned with our service strengths, with a pathway to future growth.”

Link Group joins Europe’s second largest asset manager, Legal & General, and the US asset manager, J.P. Morgan, as an equity investor in Smart Pension.

As part of the agreement, Link Group will take on the administration for the Smart Pension Master Trust which continues to grow quickly following major consolidation deals such as the Lighthouse Group and Corpad, with more significant mergers in the pipeline.

John McMurtrie will take a non-executive seat at the Smart Pension board.