Praemium enters pensions market with SIPP provider acquisition

The Australian business said it bought the self-invested personal pension (SIPP) specialist as it wanted to better exploit opportunities in the retirement market following the introduction of pension freedom. It added the growth of platform-based SIPPs had been substantial in recent years and the deal, which is subject to regulatory approval, could prove to be a significant new source of funds under management. Praemium chief executive Michael Ohanessian said: "Investors are exiting annuities and seeking other options for their retirement savings, with a major shift to pension schemes...