View more on these topics

Capita buys PPML from Winterthur

Capita has bought Winterthur Life&#39s Sipp administrator Personal Pensions Management after negotiations which were exclusively revealed by Money Marketing in March.

Capita has been appointed as a strategic partner by Winterthur Life to provide third-party Sipp admin services and, as part of this contract, will also be buying the entire share capital of Winterthur&#39s subsidiary PPML.

Once regulatory approval has been granted, all 400 PPML employees are expected to transfer to Capita. PPML will be renamed Capita PPML and a Capita team will work alongside the existing management team to ensure smooth transition.

PPML is the second-biggest Sipp administrator and had net assets of £2.9m at the end of last year.

Capita says the agreement makes it the biggest open-book administrator in the UK life and pension outsourcing market after recent contracts with Children&#39s Mutual, Lincoln Financial Group, Prudential Inter-national and St James&#39s Place International.

Winterthur Life UK chief executive officer Mike Kellard says: “This is a very positive step for all parties. Winterthur Life UK will now be able to inject real drive into its stated strategy of developing clear, transparent and innovative pension and investment products backed with an open charging structure that reflects the needs of customers in the 21st Century.”

Capita Group executive chairman Rod Aldridge says: “The combination of our knowledge and expertise of customer service and administration processing with the depth of skill and experience of the PPML employees, positions us at the forefront of delivering service excellence in third-party Sipp administration. We will continue to develop and grow this business introducing the latest technology and processes to further improve quality and provide a very efficient administration system.”

Recommended

Kafka quits Fidelity for Stock Exchange

Fidelity&#39s executive director Paul Kafka is joining the London Stock Exchange as director of corporate communications and public policy in August. He is being replaced by Joerg Moberg, who joined Fidelity in 1999 as director of corporate communications in Frankfurt before becoming director of IFA sales in Germany in 2001.

MEP bids to hold back Euro tide

Conservative MEPs will make cutting the potential PI burden on IFAs imposed by two European Union directives one of their next major campaigns, according to MEP Theresa Villiers. In the run-up to next month&#39s European Parliament elections, Villiers believes there has never been a more important time for the financial services sector to focus on […]

First State&#39s small cap aiming to fit a mixed market

First State&#39s British smaller companies fund manager Paul Jourdan hopes that inflows into the £40m portfolio will accelerate as performance continues to outstrip the stockmarket and rival firm. Jourdan says he would be comfortable managing up to £100m with his small-cap focused process, which has returned more than 30 per cent over the past three […]

Brokers expect business as usual at Mortgage Express

Mortgage brokers say they do not expect that B&B&#39s move will have much impact on the level of business at subsidiary Mortgage Express. Hamptons broker Jonathan Cornell says Mortgage Express is obviously still a core part of B&B and he expects it to be “business as usual”. Cornell describes the lender as “excellent, with fantastic […]

Inheritance tax – How to declare and who pays

By Kim Jarvis, Canada Life In this article we look at which forms personal representatives (PRs) need to complete and who actually pays the tax. To recap, under current rules, any part of the estate that falls within the available nil-rate band (NRB), currently £325,000, is taxed at zero. Anything in excess of the NRB is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment