Premier Pension Services (PPS) has merged the administration functions of its small self-administered schemes (SSAS) and self-invested personal pensions (SIPPs) following A Day.
PPS says changes at A Day mean advisers do not need very different services for the two products and combining the administration creates closer commercial links between itself and the adviser.
After A Day the differences between SSAS and SIPPs, such as contribution levels, the need for financial evaluations before and lending criteria, changed and made the two products more similar.
Nigel Manley, head of self-invested pensions at PPS, says: “What we see is growth in SIPP portfolios at a stronger pace than sass. Historically we have more experienced staff working in the SSAS area so you’ve got inconsistency in terms of knowledge levels and if you separate the two products you make it harder for the IFA to deal with the same administrator.
“SSAS is an older product so you get people with a number of years’ experience while with the growth in SIPPs in terms of volume, you’re trying to recruit people to learn skills but those skills post A Day are largely the same in the two different products. Dispensing the artificial barrier allows us to apply skills of SSAS into SIPP.”
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