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NatMut arm continues SSAS and Sipp push

National Mutual is establishing a new wholly-owned subsidiary, NM Services, to continue its focus on self-invested personal pensions and small self-administered schemes business.

The move will mean employees of outsourced pension administration outfit Namulas Pension Trustees will be brought under the National Mutual banner and will simplify accounting transactions between itself and National Mutual Life.

The new subsidiary starts operating in the new year and consolidates National Mutual&#39s continued move towards the Sipp and SSAS markets and away from traditional pension arrangements.

The company has already announced its intention to stay out of the stakeholder pension market.

Under insurance company regulations, National Mutual was required to set up the wholly-owned subsidiary to bring Namulas under its control as it can not do this directly under National Mutual Life.

National Mutual manag-ing director Gavin Hill says: “Employees of Namulas will be brought under the same terms as National Mutual Life but they will not be direct employees.

“We are concentrating on self-invested business in order to offer the a range of services designed for the type of client and type of advisers we are looking for outside the stakehol-der market.”

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