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Suffolk Life acquires Pointon York Sipp

by Alex Steger on Nov 21, 2012 at 10:17

Suffolk Life acquires Pointon York Sipp

Sipp provider Suffolk Life, owned by Legal & General, has acquired around 1,700 Sipp plans from Pointon York, adding to its existing book of around 16,000.

The agreement follows the decision by Pointon York to close the scheme.

Suffolk Life said it will make the acquisition from its own retained profits. It said it was strongly capitalised ahead of expected large increase in capital adequacy requirements on Sipp providers by the Financial Services Authority.

David Hobbs (pictured), managing director of Suffolk Life, said: ‘Suffolk Life has been committed to the self-invested pension market for over 40 years and we have made no secret of our intention to grow our business both organically and via the right acquisitions.

‘The Pointon York book of business fits well into the bespoke end of our proposition and should add around 1,700 additional Sipps.’

Pointon still has other Sipp products including the simplified e-Sipp.

It has also begun building Sipps for other business such as Collins Stewart Wealth Management and Primetime Retirement.

Jo French, managing director of Pointon York Sipp Solutions said: ‘We are seeing impressive results with this strategy. Working with strategic distribution partners in the last year has already confirmed the validity of our model through increased business.

‘We chose Suffolk Life as our partner in this transfer since they are experienced in handling the business of full Sipps as well as being a leading Sipp provider and administrator.’

Last year Pointon York put itself up for sale and received several takeover approaches. However it failed to find a buyer and took itself off the market. In August it decided to delist from the PLUS market, citing infrequent trading of shares as the cause.

4 comments so far. Why not have your say?

MPT

Nov 21, 2012 at 12:33

Reality is that RDR and regulator interference in the free market is causing a major scale back of competition with constant mergers throughout the financial services sector. The end result is a loss of jobs in the sector.

The same is happening at the Like companies/platforms look at Skandia & Standard life for recent announcements.

The Banks ( I do not care about the fat cats ) have been on a job cutting of ordinary people at a massive scale.

Pre Lehmans was it 350,0000 jobs in the city, now down to 250,000.

The bigger impacts are across the UK as a whole. Much of the Long Term Savings employment jobs are held throughout centres in the UK. Many of the cuts are people who have invested heavily in their carears and both them and their families will be impacted for years to come.

No retraining is in place for this scale of qualified people to be sheleted from the real economic impacts this will have both short and medium term.

Real people and real families are being let down by the industry and regulators. As for the government wishes to rebalance the economy from Financial Services be careful what you wish for, The unintended effect will be a transferance of more burden on the state.

Once the skills are lost it is two late to compete internationally and we will see the next decline of a UK industry.

Many companies will try and spin positives however the reality is far from this.

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Paul Boyd

Nov 21, 2012 at 14:39

Agree withs MPT totally,the industry will contract further and the public will lose out and the government will have to become more involved ,which of course will require more money from ....yes you guessed it the tax payer (government borrowing rose again this month just as auto enrolment starts ,what a coincidence !) This industry is being decimated by the politicians and regulators putting many out of work ,me included,who will struggle to find new jobs elsewhere ,skills will be lost and service will fall despite the ridiculous comments made by Standard and the like.We cannot strike and hold the country to ransom like the civil servants so we will sleep walk to disaster and the country does not know it!

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Barman

Nov 21, 2012 at 18:20

Maybe the industry was over inflated previosuly? maybe this is a time of re-balancing? Its tragic to see so many job losses, but if the money is not there to pay salaries the industry has to streamline. Hopefully we will see a return to growth soon and the jobs will be available again but in the meantime it will be a tough journey.

Oh, and decimate means "to reduce by a tenth"

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COBS9

Nov 22, 2012 at 09:03

FROM WIKIPEDIA: The word decimation is often used to refer to an extreme reduction in the number of a population or force, much greater than the one tenth defined by the "deci" root. It is frequently used as a synonym for the word "annihilate" which the OED lists as meaning "to reduce to non-existence, blot out of existence"

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