My Pension Expert, an independent financial advice service specialising in retirement, has landed an undisclosed investment from mid-market private equity investor Palatine.
The Doncaster-based firm said the value of the investment, which is still subject to regulatory approval, was “significant”.
The new cash injection will go towards developing the My Pension Expert’s offering and accelerating its plans, which hinge around increasing consumer access of all wealth brackets to financial advice.
Palatine funded its investment through its Buyout and Impact Funds, having previously backed the likes of Wren Sterling and Chase Templeton.
Palatine’s focus on sustainability was also a key factor in accepting the significant investment.My Pension Expert’s executive chairperson Andrew MegsonA team of 65, My Pension Expert relies on telephone and video-based services to deliver its advice nationally.
Earlier this month, the pension advice service launched the first version of its new app called ‘Insight’. Clients can use the app to track their pension transfer applications and receive notifications on application updates.
The plan, over the coming months, is to allow users to access information regarding their pension savings and investments, as well as to contact My Pension Expert’s advisory team, through the app.
My Pension Expert’s executive chairperson, Andrew Megson, said Palatine’s focus on sustainability was a “key factor” in accepting the investment.
“We will certainly harness this expertise over the coming years to enhance our own existing environmental, social, and corporate governance credentials. Suffice to say, we are incredibly excited about what the future holds.”
Our focus will be on supporting the team…to build a highly-trusted and fast-growing pensions advisory business with technology at its core.Palatine’s senior investment director Kieran LawtonPalatine’s senior investment director, Kieran Lawton, led the deal alongside James Painter, Gary Tipper and Ed Fazakerley.
Lawton said the UK private equity firm’s focus will be on supporting the advice firm’s team through “value enhancement initiatives across digital, technology, people and sustainability” to build “a highly-trusted and fast-growing pensions advisory business with technology at its core”.
Partner at Palatine and head of its Impact Fund, Beth Houghton, added: “Affordable, accessible and high quality pension advice is essential for those at or nearing retirement age with small or medium sized pension pots.
“My Pension Expert helps members of the public to navigate the increasingly complicated pensions environment at an affordable cost.
"[We will be] working with the management team to increase the number of people who can access this advice.”
ruby.hinchliffe@ft.com
