View more on these topics

Montpelier suspends new business

Pension administrator Montpelier has suspended the processing of new business as part of an internal review into the company’s strategy.

A statement on the Leicester-based firm’s website from managing director Kevin Wells says the move will not affect clients’ Sipp and Ssas assets.

Wells says: “We appreciate the timing is not ideal, given the proximity to the fiscal year end but hope you will bear with us in the short term until a more formal announcement is made.

“This decision does not affect clients’ Sipp and Ssas assets detrimentally in any way. We will continue to provide full administration services relating to scheme assets and to accept contracted regular contributions.”

Montpelier was unavailable for further comment.

Norwest Consultants principal Harry Katz says: “I never understood why some of these small companies got on the pension admin bandwagon in the first place, so I am not surprised they are falling by the wayside. The most important thing in pension administration is cost and they cannot compete with the big Sipp and Ssas players.”

Recommended

Budget 2011: Boon for Reits investors

Chancellor George Osborne presented his “march of the makers” neutral Budget, which I believe makes a reasonable effort to kickstart small businesses and, in a micro measure, to reduce unemployment. When a country emerges from recession there follows a rise in unemployment and small companies tend to lead the corporate rally. Look at the recent […]

1

Budget 2011: Labour attack “Budget for growth”

Labour has attacked the Chancellor’s “Budget for growth” after official growth figures were downgraded to take its proposals into account. Speaking in response to George Osborne’s Budget statement in the House of Commons today, Labour leader Ed Miliband said UK growth is being downgraded despite other nations seeing improving figures. He said: “What is the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Just two points in response to Harry Katz comments; you can hardly call Montpelier a small company.Secondly even the big players in SSAS and SIPP were small players only a decade or so back, for example A J Bell probably the biggest player in the self invested market only started business in 1995.

  2. Well said Derek. A J Bell was a start up 15 years ago, Hargreaves Lansdown only started in SIPPs about 10 years ago, Intelligent SIPP joined in about 5 years ago.

    Look at all of them now…

    I wonder if there is a bit of jealously about when Harry Katz compares his company to these and still can’t understand why they all “got on the pension admin bandwagon”!

Leave a comment