Tuesday, 27 January 2015 09:33
Bellpenny sells pension admin business to wealth manager for £1
The pension administration business belonging to Bellpenny has been snapped up for just £1 by Mattioli Woods.
The deal for the portfolio with funds under trust of £83m was revealed in a Stock Exchange announcement this morning.
The statement from Mattioli Woods read: "On 23 January, we were pleased to complete the acquisition of the pension administration business of PS Employee Benefits Limited, a subsidiary of Capital Professional Limited – Bellpenny - including the entire issued share capital of Torquil Clark Pension Trustees Limited (together "the Torquil Clark pension business") for a total consideration of £1.
"The Torquil Clark pension business comprises a portfolio of 140 Sipp and SSAS schemes with total funds under trusteeship of £83.0m. We have been appointed to Bellpenny's panel of Sipp providers and look forward to developing this relationship further."
Mattioli also acquired the pension administration businesses of UK Wealth Management in August 2014.
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Directors stated a belief that there further consolidation in the Sipp market appears likely, with increased regulatory capital requirements for operators coming into effect from 1 September 2016.
Bob Woods, executive chairman, backed the major pensions reforms, coming into effect in April and said this would be good for business and for clients alike.
He said: "We have long campaigned for individuals to be in control of their pensions and the freedom to access pension funds from age 55 and the removal of the 55% tax-charge on death reposition pensions at the very forefront of financial planning. We believe these changes will trigger a fundamental rethink of the role of pension planning in clients' affairs, which we expect to benefit our core pensions business."
The firm announced its latest results this morning, showing profit before tax was up 21.3% to £2.68m.
Revenues were up 23.4% to £16.59m, with recurring revenues increasing to 82.1%. Mr Woods said he was pleased to report "another set of strong results" for the first half of its financial year.
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The deal for the portfolio with funds under trust of £83m was revealed in a Stock Exchange announcement this morning.
The statement from Mattioli Woods read: "On 23 January, we were pleased to complete the acquisition of the pension administration business of PS Employee Benefits Limited, a subsidiary of Capital Professional Limited – Bellpenny - including the entire issued share capital of Torquil Clark Pension Trustees Limited (together "the Torquil Clark pension business") for a total consideration of £1.
"The Torquil Clark pension business comprises a portfolio of 140 Sipp and SSAS schemes with total funds under trusteeship of £83.0m. We have been appointed to Bellpenny's panel of Sipp providers and look forward to developing this relationship further."
Mattioli also acquired the pension administration businesses of UK Wealth Management in August 2014.
{desktop}{/desktop}{mobile}{/mobile}
Directors stated a belief that there further consolidation in the Sipp market appears likely, with increased regulatory capital requirements for operators coming into effect from 1 September 2016.
Bob Woods, executive chairman, backed the major pensions reforms, coming into effect in April and said this would be good for business and for clients alike.
He said: "We have long campaigned for individuals to be in control of their pensions and the freedom to access pension funds from age 55 and the removal of the 55% tax-charge on death reposition pensions at the very forefront of financial planning. We believe these changes will trigger a fundamental rethink of the role of pension planning in clients' affairs, which we expect to benefit our core pensions business."
The firm announced its latest results this morning, showing profit before tax was up 21.3% to £2.68m.
Revenues were up 23.4% to £16.59m, with recurring revenues increasing to 82.1%. Mr Woods said he was pleased to report "another set of strong results" for the first half of its financial year.
Get FREE daily news summaries direct to your inbox. Sign up on the homepage now.
Follow us on Twitter and get frequent news alerts @FPM_online.
Or follow Editor Kevin O'Donnell - @FPM_Kevin or staff writer James Nadal - @FPM_James.
For the latest Sipp, SSAS and retirement news visit our sister news site www.sippsprofessional.co.uk and on Twitter @SippsPro.
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