Book of 140 Sipp and SSAS schemes sold for just £1

A portfolio of 140 Sipp and SSAS schemes with total funds under trusteeship of £83m has been sold for just £1. Mattioli Woods has snapped up the pension administration business belonging to Bellpenny.The deal was revealed in a Stock Exchange announcement this morning.It also reported its latest financial results, showing it has 183 new core Sipp and SSAS schemes, with £106.7m of assets.Mattioli reported having £111.3m in Sipp and SSAS funds under trusteeship and £49.7m in other personal and pension assets within its management business.It also has £34.2m of corporate pension assets in the employee benefits business.{desktop}{/desktop}{mobile}{/mobile}The statement from Mattioli Woods read: "On 23 January, we were pleased to complete the acquisition of the pension administration business of PS Employee Benefits Limited, a subsidiary of Capital Professional Limited – Bellpenny - including the entire issued share capital of Torquil Clark Pension Trustees Limited (together "the Torquil Clark pension business") for a total consideration of £1."The Torquil Clark pension business comprises a portfolio of 140 SIPP and SSAS schemes with total funds under trusteeship of £83.0m. We have been appointed to Bellpenny's panel of Sipp providers and look forward to developing this relationship further."Mattioli also acquired the pension administration businesses of UK Wealth Management in August 2014.Directors stated a belief that there further consolidation in the Sipp market appears likely, with increased regulatory capital requirements for operators coming into effect from 1 September 2016.In the latest financial period, the company has announced the Mattioli Woods Personal Pension which it described as an "innovative product utilises our existing Sipp structure, streamlined to provide a wrapper that will allow smaller pension funds efficient access to our discretionary portfolio management service".Bob Woods, executive chairman, backed the major pensions reforms, coming into effect in April and said this would be good for business and for clients alike.He said: "We have long campaigned for individuals to be in control of their pensions and the freedom to access pension funds from age 55 and the removal of the 55% tax-charge on death reposition pensions at the very forefront of financial planning. We believe these changes will trigger a fundamental rethink of the role of pension planning in clients' affairs, which we expect to benefit our core pensions business."The results today also showed the firm's profit before tax was up 21.3% to £2.68m.Revenues were up 23.4% to £16.59m, with recurring revenues increasing to 82.1%. Mr Woods said he was pleased to report "another set of strong results" for the first half of its financial year.

Book of 140 Sipp and SSAS schemes sold for just £1

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