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Suffolk Life acquires Pointon York Sipp
by Alex Steger on Nov 21, 2012 at 10:17
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.
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