Personal PensionMay 28 2013

Barnett Waddingham buys Origen Ssas business

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Origen has sold its small self-administered pension book to Ssas provider Barnett Waddingham, marking the end of Origen’s activity in the pensions administration and trustee market.

The deal closely follows news that Origen also sold off its self-invested personal pension business to the acquisitive Suffolk Life.

According to a statement from the business, the increasingly complex needs of clients along with the aim of focusing on advice has prompted the exit.

Mike Kirsch, chief executive officer of Origen, said: “Following this review, we concluded that we do not have the scale to meet the future needs of this administration and trustee business.

“For the majority of clients where Origen Financial Services is also their financial adviser, the company will continue to provide financial planning services as normal as this is unaffected by the exit from the pensions administration business.”

Nick Salter, senior partner at Barnett Waddingham, said: “Ssas remain the most flexible vehicle for business owners to save for retirement. Advisers are seeing the attraction of high net-worth individuals having their own pension trust and we were delighted to help Origen’s advisers by taking on the trustee management of their Ssas portfolio so that they can concentrate on advice.

“The move makes good sense for all concerned where it is important to have both scale and efficient administration systems.”