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Source sets up platform for OPPs

Dublin-based employee benefits firm Source Pensions and Investment Company has launched a corporate platform for occupational pension schemes in the UK.

Source Pensions launched in the UK last week with the service. It says it unbundles administration and investment management activities to allow pension schemes flexibility in their investment choice and provide a streamlined, cost effective administration service.

The firm aims to attract employee schemes worth between £1.5m and £2m and is looking to have £200m of assets under management by the end of 2012, £500m by the end of 2013 and £1bn by the end of 2014.

Source says it is in discussions with advisers and discretionary fund managers to boost its IFA usage.

Director Clare Mulligan says: “The system is quick and nimble to use when answering employer queries, saving a lot of time and freeing resources. Members’ contribution history is updated once a month, as opposed to the standard of once a year, and this results in more speed and accuracy.”

Brunning Newman Houghton director David Brunning says: “I think it will struggle to compete in a congested market with insurance companies who have substantial backing and corporate platforms.”

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