Pension administration

Royal London moves SIPP work to Glasgow firm

Eddie McGuire: turbulent time

Royal London has hired Glasgow-based @SIPP as the administrator of its self-invested personal pension (SIPP) book after James Hay pulled out.

The mutual, which has a significant presence in Edinburgh, said it had put @SIPP through stringent due diligence before making the switch from James Hay which acquired Edinburgh-based Nucleus for £140m in August 2021.

@SIPP is a privately-owned firm set up in 2001 and independent of any investment platform, fund manager or advisory business.

It has £1.95 billion of assets under administration, 4,400 clients and 550 financial advisers.

The migration is scheduled for completion in November with its delivery term running for an initial three-year period.

@SIPP managing director Eddie McGuire has a long career in the sector which has included spells as client services director at AJ Bell and financial institutions director at Jardine Lloyd Thompson. He was the founder of Xafinity.

He said: “We are very pleased to win this competitive tender and happy to say we met all the necessary business and due diligence requirements.

“The wider SIPP market is going through a turbulent time at the moment so we are proud to prove our credentials as a safe and trusted pensions provider.”

Royal London solutions design and experience development director Alan Ritchie added: “We were impressed by @SIPP and are confident our customers will value the high-quality service.”

James Hay said in a statement: “We concluded some time ago that our administration of the Sipp books provided by a number of third parties were non-core to our platform strategy.

“The Royal London book was one of these. We’ve been in discussions for some time with them about finding a new home for it and are pleased this process is completing.

“We’re working with @Sipp to ensure as smooth a transition as possible for the customers concerned.”

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