Suffolk Life  

Suffolk Life winds up acquired Sipp amid job losses

Suffolk Life winds up acquired Sipp amid job losses

Suffolk Life has written to advisers today (1 November) to let them know it is winding up up European Pensions Management meaning a total of 14 jobs are lost from EPM.

In June this year, Sipp provider European Pensions Management formally entered into a special administration regime insolvency proceedings.

In July this year, Curtis Banks Group acquired the Sipp plan business of European Pensions Management from its special administrators, for an undisclosed sum.

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At that time, EPM administered circa 5,000 Sipps, with assets under administration of circa £630m.

It was announced then the business would be administered by Suffolk Life Pensions, a wholly owned subsidiary of Curtis Banks, with offices and staff retained at EPM's offices near Salisbury.

However, Suffolk Life has completed a review of the scheme, which concluded that current systems and controls were not sufficient enough to fulfil responsibilities as the operator and trustee of the scheme, without significant cost and disruption to investors.

As such, all EPM Sipps will be transferred over to Suffolk Life schemes and managed in Ipswich, but investors will incur no transfer costs.

As part of the review process, Suffolk Life consulted with staff at EPM and made them aware of any positions available in their offices in Ipswich and Bristol. 

There were 17 staff members at the beginning of the consultation period and 14 at the time of the announcement to advisers.

A spokesperson for Suffolk Life said: "We put vacancies out throughout the consultation period and they will be given preference."

Suffolk Life confirmed that it would be writing to investors in a few days on the matter.