Skandia Life is pulling out of the SSAS pension market and transferring its business to specialists Rowanmoor Pensions.
The firm says its SSAS book, with a total asset value of £13.7m, is no longer a core area of its proposition, adding the number of schemes it administers has “reduced substantially” in recent years.
It says it anticipates most of its policyholders will make the free transfer to Rowanmoor, the UK’s largest SSAS provider, on 30 September.
Skandia says the move will allow it to focus resources on its core personal pension and SIPP offerings.
Nick Bladen, head of pension and bond marketing at Skandia, says: “Over the years the number of SSAS schemes that we administer has reduced substantially.
"We were in talks with several specialist SSAS providers to find a quality replacement for the trusteeship and administration services for our existing SSAS customers.
“We were very impressed with the Rowanmoor Pensions SSAS offering and felt assured that the same high level of service to our customers would be maintained.”
Ian Hammond, managing director at Rowanmoor, adds: “This [move] is testimony to our experience and reputation for providing quality service and administration and innovative retirement planning solutions. We anticipate a seamless transfer.”
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