London, 20th April 2016
The Sovereign Group, the independent, international wealth management, retirement planning and corporate/trust services provider, has acquired MW Pensions Ltd. (MWP), an FCA-regulated business that specialises in Self-Invested Personal Pension (SIPP) schemes.
MWP was formed in 2003 in preparation for the new pension freedoms offered by “A-Day” in April 2006 and provides a range of well-regarded SIPP and Small Self Administered Scheme (SSAS) products. MWP will change its name to Sovereign and continue to service its existing client and introducer base from its offices in the North West of England. MWP’s sister operation in the Isle of Man, SIPP Specialists Ltd., will also be acquired as part of the deal. Regulatory approval for the acquisitions has already been obtained from the Financial Conduct Authority (FCA) in the UK and from the Financial Services Authority (FSA) in the Isle of Man.
Gerry Kelly, Finance and Operational Officer of The Sovereign Group, said: “With over 10,000 existing QROPS members, adding a SIPP operation in the UK makes sense for our Group. While most UK non-residents say they won’t return to the UK, the reality is that many do. Sovereign can therefore be a one-stop-shop for their retirement planning needs. Sovereign offers free transfers within its range of QROPS products and that will immediately be extended to our SIPP offering.”
“The retirement planning division of Sovereign now accounts for almost 25% of group turnover and plans are in place to expand the range of retirement products and services, as well as our jurisdictional capability, over the coming two years,” he added.
Chris Williams, CEO of MWP, said: “We are delighted to be acquired by Sovereign, which is recognised as a leading provider of pensions in the international market. The acquisition also ensures security for our dedicated and long serving workforce who are very much looking forward to being part of a large financial services group.”
Chris Williams and Marion Forshaw will remain with MWP and oversee the integration with Sovereign. Richard Chandler, who is part of the Sovereign pensions technical team, will have operational responsibility for the acquired business.
About The Sovereign Group
With its global office network, reputation for excellence in the administration of trust and company structures, and record of innovation and technical expertise, The Sovereign Group has developed into a market leader in the transfer and provision of pension schemes. Retirement planning is now a core product offering across the Group.
Our proposition encompasses both personal and occupational schemes, and includes Qualifying Recognised Overseas Pension Schemes (QROPS), Qualifying Non-UK Pension Schemes (QNUPS), International Pension Plans (IPPs), Corporate Pension Schemes, and now Self-Invested Personal Pensions (SIPPs).
The Sovereign Group is the only trustee to offer six QROPS schemes across Gibraltar, Malta and the Isle of Man. These products offer a transparent and competitive charging structure and the option to switch seamlessly within the Sovereign QROPS range.
In addition to product provision, Sovereign’s services cover a broad spectrum including scheme administration, technical pensions knowledge, pensions transfer guidance, investment management, actuarial services, tax planning and wealth structuring.
Sovereign has made substantial investment in its network, administration systems and infrastructure. Sovereign’s pensions administration teams in Guernsey, the Isle of Man, Gibraltar and Malta work together with dedicated relationship managers in key global hubs – including the Middle East, Far East, UK and South Africa – to ensure that service can be maintained to clients and introducers around the clock.
This multi-jurisdictional capacity, combined with the technical knowledge provided by our in-house specialists and qualified actuaries, enables the Group to cater for any alterations to a member’s situation over time, providing suitable options should residency and/or other circumstances change.
Sovereign is authorised, wherever necessary, by financial regulators to conduct pensions business. It is also represented at committee level on pensions’ industry bodies in all the jurisdictions in which it operates. From April 2016, Sovereign will be regulated by the UK Financial Conduct Authority (FCA) to provide SIPP business in the UK.
For more information on MW Pensions Limited, please visit www.MWPensions.co.uk
Tel: +44 151 328 1777