Punter Southall Aspire to exit master trust business - Pensions & Investments

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Retirement savings business Punter Southall Aspire is seeking a buyer for the assets run by its multiemployer defined contribution plan following a decision to exit the market.

The firm recently completed a review and concluded that opportunities for providers of multiemployer plans — known as master trusts — have reduced, a spokeswoman said. The firm is withdrawing its offering, the Aspire Savings Trust, Wokingham, England, from the U.K. market and will focus on its retirement and financial planning businesses instead, she said.

The asset size of the master trust was not disclosed. Punter Southall Aspire has £4 billion ($4.9 billion) in assets under advisement.

Aside from the Aspire Savings Trust, there are 37 other authorized master trusts operating in the U.K. market, according to The Pensions Regulator's website.

Sharon Bellingham, senior consultant at Hymans Robertson, said in an email: "Today's announcement that Punter Southall Aspire has decided to leave the market is not unexpected. Achieving scale is essential in today's challenging market and it's clear that some will struggle with commercials likely to be impacted by the recent and substantial falls that we've seen, as will the reduction of monies-in as furloughing bites and employers attempt to navigate their way through COVID-19," she added.

Separately, Punter Southall Aspire was appointed as adviser by Evolve Pensions, Swanley, England, providing new and existing participants in the master trust with financial advice, the firm said.

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Punter Southall Aspire to exit master trust business - Pensions & Investments
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