Pension administrator Talbot and Muir has acquired the SSAS business of Oval Financial Services Limited for an undisclosed sum.
The deal will see Talbot and Muir add around 200 SSASs to its current portfolio of over 500 plans and follows the £200m acquisition of the Oval Group by Arthur J. Gallagher, parent company of Gallagher Employee Benefits, earlier this year.
Arthur J. Gallagher UK employee benefits chief executive Tim Johnson says: “Whilst we will continue to provide investment advice to our SSAS clients, an extensive review of our SSAS business highlighted the fact that we could improve the service to our clients with greater administrative focus and expertise.
“We have therefore decided to outsource our SSAS administration to the independent SSAS specialist, Talbot and Muir Limited. I have every confidence that our clients and the affected employees will benefit from the arrangement.”
Talbot and Muir principal Graham Muir adds: “We met a stringent assessment and due diligence criteria to give Arthur J. Gallagher the confidence that we will provide the best possible levels of service to their trustee clients in the future, in what is a highly specialised service area.
“We remain acquisitive and with the upcoming changes to the capital adequacy requirements for Sipp and SSAS firms, we anticipate that more books of business will be sold.”