Latest Blogs
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Tilley: Pensions Commission must push reform...and quickly
Recent news of the revival of a Pensions Commission was music to my ears.
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Lisa Webster: Till pensions do us part
There have been some fluctuations in recent years but overall divorce rates in the UK have been in decline since the 1990s.
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Tilley: Let’s end the SIPP vs SSAS debate for good
As you might know from my previous columns on SIPPs Professional, I am, and have been for some time, a huge advocate for Small Self-Administered Schemes (SSAS).
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Lisa Webster: Pre-Budget withdrawals are spiking again
Ever since “tax-free cash” changed its official name to “pension commencement lump sum” back in 2006 there have been pre-Budget rumours that it was going to change – and not for the better.
Popular News
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InvestAcc completes £25m AJ Bell SIPP and SSAS acquisition
SIPP and SSAS provider InvestAcc Group has completed its acquisition of the AJ Bell Platinum SIPP and SSAS business for £25m.
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SIPP market tops 6m plans but may be peaking - study
The SIPP market has grown strongly in the past year with a record 6m+ SIPPs in force and £650bn invested, according to MoretoSIPPs, the specialist consultancy headed by SIPP industry veteran John Moret.
Seven Investment Management (7IM) has become a pension provider this week by launching its own Self Invested Personal Pension (SIPP) with no annual fee on accounts above £75,000.
The firm reported “strong growth” for the six months ended 31 March, which, as well as increasing profits to record levels, included a 12% rise in customer numbers from 164,557 to 183,482 and a 5% increase in assets under management from £39.8bn to £41.8bn .
Elsewhere in the report highlights included:
· New business growth with net platform inflows of £3.5bn, up 17% (H1 2017: £3.0bn)
· Customer retention of 95%
· Revenue increased 16% to £42.9m (H1 2017: £37.0m)
· An interim dividend payment of 14p per share, a 10% increase compared to the interim dividend last year (H1 2017: 12.75p)
In the period the company launched two new income-focused multi-asset portfolios within its Managed Portfolio Service (MPS) for financial advisers, as well as a new Lifetime ISA.
Preparations for a listing on the London Stock Exchange “later in 2018 or early 2019” were said to be “progressing well.”
Andy Bell, chief executive of AJ Bell, said: “These are the most profitable interim results in our history and are a great endorsement of our strategy and market position.
“The UK retail investment and savings market continues to display strong growth and investment platforms are central to this.”
“We are well placed to continue our growth trajectory and are progressing well with our plans for a premium listing on the London Stock Exchange later this year or early 2019.”