Punter Southall Aspire is withdrawing from the master trust market.
The firm currently runs the Aspire Savings Trust. Trustee will now begin the process of identifying a new master trust provider to transfer members and assets.
Punter Southall Aspire says it is instead focusing on a ‘strategic partnership’ with Evolve, which runs its own Crystal master trust. This will see Punter Southall Aspire provide retirement advice Evolve’s new and existing scheme members,
Punter Southall Aspire will also look to develop a packaged health, risk and pension product for the SME market using the Crystal Trust, which runs the pension for 1500 employers.
The partnership with Evolve was the result of Punter Southall Aspire’s recent strategic business review, which acknowledged the business landscape has changed and that opportunities to scale have reduced.
Punter Southall Aspire will now focus on growing its national retirement and financial planning business, working with employers and employees across the UK.
Punter Southall Aspire chief executive Steve Butler says: “There are many synergies between Punter Southall Aspire and Evolve. Our new strategic partnership will enable us to focus on our strengths: providing financial advice and consultancy to support members’ financial planning and helping them make the best financial retirement decisions.”
Evolve chief executive Paul Bannister adds: “We will be referring all our members to Punter Southall Aspire for ‘at retirement’ advice.
“In the current economic climate, we feel it is essential members can access financial guidance to help them navigate the complex range of pension options at their disposal and make the best financial decisions to support their retirements.”
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