Rowanmoor reports 7% Ssas growth

Rowanmoor reports 7% Ssas growth

Rowanmoor's small self administered schemes (Ssas) business, Rowanmoor Executive Pensions, has reported a 7 per cent year on year increase in client numbers during the 2017 financial year.

The subsidiary of the Embark Group saw its Ssas numbers reach 3,826, including white-label plans that have been administered for third parties.

The provider also reported a year on year self invested personal pensions (Sipp) client base growth of 27 per cent, which took its total Sipp scheme numbers to 6,728.

During 2017, the business made a post-tax trading profit of £0.7m compared with £0.3m during 2016.  

Phil Smith, group CEO of the Embark Group, said: "The market for Ssas based pensions is complex, and does not enjoy the growth rates seen in the Sipp space, with estimated average market growth being less than 3 per cent.

"To see a net growth rate significantly higher than market average, coupled with a major increase in profitability in 2017, demonstrates why we could see value in this business when acquiring it."

During 2017, Rowanmoor Executive Pensions attained an financial strength rating of B from rating agency AKG.  

Lucy Matthews, managing director of Rowanmoor, said: "2017 was the first full year under the ownership of our parent company, Embark Group.

"Being part of a large specialist pension and platform business has enabled material improvement in our operations, cost base and service delivery. We are very pleased to report strong financial growth for the business as a result."

The results come after EBS Pensions Limited, another subsidiary of Embark reported its Sipp and Ssas schemes reached a record high of 16,600 during 2017 due to a growth in its net client base.