Hargreaves Lansdown Partners with Keystone to Grow Its Workplace Business

Hargreaves Lansdown (HL) has entered into a multi-phase technology partnership with Keystone, a cloud-native long-term savings platform, to transform its Workplace business. The multi-million pound investment follows HL's transition to private ownership in March 2025 and aims to improve the employer administration experience while enabling employees to access payroll cash savings accounts, a general investment account, and HL's ISA range alongside workplace pensions.

The partnership will leverage Keystone's platform, which already powers Smart Pension's Master Trust serving 2 million savers and 100,000 employers in the UK. HL's Workplace division currently manages over £9 billion in assets under administration, part of HL's total £172.7 billion savings and investment platform. The move signals HL's commitment to competing in the workplace pension market, which is undergoing rapid digital transformation.

Richard Flint, CEO of Hargreaves Lansdown, said the partnership will transform the client experience in HL's Workplace offering. "HL Workplace plays an important role in the market, offering greater choice, flexibility and financial wellbeing support than many other options," he said. Flint added that the company aims to bring a 'next generation' HL Workplace to UK employers and their employees through 2026 and beyond. He also highlighted that incoming Chief Product Officer Doug Abbott, who joins from Vanguard in March 2026, will lead ongoing innovation in the area.

Stephen Lefley, Director of HL's Workplace Solutions, noted that the Keystone platform is proven scalable and credible from day one, given its existing relationship with Smart Pension. "When HL is selected by an employer, the result goes far beyond basic workplace pension provision," Lefley said. He explained that the upgraded offering will allow employees to manage short, medium and long-term financial goals through a single, modern platform.

Andy Marshall, CCO of Keystone, described the partnership as a major milestone, marking Keystone's expansion beyond core pension technology. "This partnership also represents a major milestone for us as it marks our expansion beyond core pension technology, showing the platform's scale and adaptability," Marshall said. Keystone is part of the Smart Group, which provides retirement technology solutions to governments and financial services partners globally.

Hargreaves Lansdown, the UK's largest savings and investment platform for private investors, serves over 2 million clients. The company's renewed focus on growth and transformation includes the appointment of Doug Abbott, who will have responsibility for HL's suite of financial products including the Workplace offering, ETFs, retirement solutions, and private market opportunities.