The Sovereign Group has launched a new stand-alone company – Sovereign Pension Services (CI) Ltd – to manage all its pensions’ business, both international and domestic, that is administered from Guernsey. Sovereign Trust (Channel Islands) Ltd will continue to provide corporate and private client services in Guernsey.
The move comes as a result of continued growth on both sides of the business and aligns Sovereign’s operating model and structure in Guernsey with those of its operations in the UK, the Isle of Man, Malta and Gibraltar. It also confirms Sovereign’s confidence that the Bailiwick will continue to grow as a centre of excellence for the provision of international pension services.
Sovereign Pension Services (CI) Ltd, which is regulated by the Guernsey Financial Services Commission, has appointed a number of experienced pension industry professionals to its board. Sean Gillease, Director of Sovereign Trust (Channel Islands) Ltd, has been appointed as Managing Director of the new company, and is joined on the board by Claire Du Feu and Richard Pink, both serving as executive directors.
Managing Director of Sovereign Trust (Channel Islands) Ltd, Stephen Hare said: “This is an exciting development for Sovereign and further demonstrates our commitment to Guernsey. The introduction of a dedicated pensions company will allow greater focus on the core respective business areas of each company and I am delighted to see that the current growth across both areas makes this viable.
“Sean has played a key role in recent years to help make this possible and I am confident that he is the right person to continue to grow Sovereign’s pensions business in this next exciting chapter in the Sovereign story in Guernsey.”
“We are delighted to be in a position to implement this operating model in our Guernsey office and the move is certainly timely,” said Gillease. “We’ve made significant investment into a state-of-the-art occupational pension administration system and have recruited experienced and technically able staff locally. By doing so we have positioned ourselves to grow and flourish in the provision of both personal and occupational pensions. Secondary Pensions (‘auto-enrolment’) is coming into effect shortly in Guernsey and this development will enable us to provide a comprehensive service to Guernsey employers and their staff, all underpinned by a strong, dedicated local pensions’ business.”