TPR approval received for Carey Workplace Pension Master Trust
02 October 2019
STM Group Plc (AIM: STM), the cross border financial services provider, is pleased to announce that The Pension Regulator ("TPR") yesterday confirmed the authorisation of the Carey Workplace Pension Trust as an approved Master Trust (the "Master Trust") for the continuing acceptance of auto-enrolment contributions from the UK market.
The Master Trust is administered by Carey Corporate Pensions (UK) Limited, which forms part of the UK businesses that were acquired by the Group in February of this year, and which gives STM further reach into the UK pensions market following its previously stated intentions to grow its Pension business and increase its exposure in the UK.
The Master Trust landscape continues to evolve as a result of the requirement for TPR authorisation, with the process commencing in October 2018 and effectively closing the door to applications from existing Master Trusts on 31 March 2019. At that time only 39 applications were received from an initial population in excess of 80.
STM expects there to be continued consolidation in the market and sees this as an opportunity to significantly expand its membership within the Master Trust both through organic growth opportunities and through acting to acquire sub-scale trusts who have not attempted to seek authorisation.
Alan Kentish, CEO of STM Group Plc commented:
"The authorisation of the Carey Master Trust is an important milestone for us, and I would like to thank the whole team for their hard work and diligence in pulling the application together. The auto-enrolment membership is clearly an ever-growing population, and for those Master Trusts still able to accept new business it is an exciting proposition. I believe that there are opportunities for the medium sized Master Trusts, such as Carey, to offer tailored solutions to the intermediary advisor or asset managers' client base; or indeed directly to the employers themselves.
"Authorisation of the Carey Master Trust unlocks, in principle, a healthy pipeline of transfers to us that were pending the conclusion of TPR authorisation process.
"With the forthcoming name change and re-brand of the Carey SIPP business, sitting alongside a relaunch of their bespoke SIPP products, this feels like another positive step in building our UK presence."
For further information, please contact:
|STM Group Plc|
|Alan Kentish, Chief Executive Officer
|Via Walbrook PR
|Therese Neish, Chief Financial Officer
|Matt Goode / Simon Hicks - Corporate Finance||Tel: +44 (0) 20 7220 0500|
|Tim Redfern / Richard Chambers - ECM|
|Walbrook||Tel: +44 (0) 20 7933 8780|
|Tom Cooper / Paul Vann||Mob: +44 (0) 797 122 1972|
Notes to editors:
STM is a multi jurisdictional financial services group which is listed on the AIM Market of the London Stock Exchange. The Group specialises in the administration of client assets in relation to retirement, estate and succession planning and wealth structuring.
Today, the Group has operations in the UK, Gibraltar, Malta, Jersey and Spain. STM has developed a range of pension products for UK nationals and internationally domiciled clients and has two Gibraltar Life Assurance Companies which provide life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.
STM's growth strategy is focussed on both organic initiatives and strategic acquisitions.
Further information on STM Group can be found at www.stmgroupplc.com