UK: Sovereign Acquires MW Pensions Limited, A Specialist Pension Provider With Offices In The UK

London, 20th April 2016 – The Sovereign Group, the independent, international wealth management, retirement planning and corporate/trust services provider, has acquired MW Pensions Ltd. (MWP), an FCA-regulated business that specialises in Self-Invested Personal Pension (SIPP) schemes.

MWP was formed in 2003 in preparation for the new pension freedoms offered by "A-Day" in April 2006 and provides a range of well-regarded SIPP and Small Self Administered Scheme (SSAS) products. MWP will change its name to Sovereign and continue to service its existing client and introducer base from its offices in the North West of England. MWP's sister operation in the Isle of Man, SIPP Specialists Ltd., will also be acquired as part of the deal. Regulatory approval for the acquisitions has already been obtained from the Financial Conduct Authority (FCA) in the UK and from the Financial Services Authority (FSA) in the Isle of Man.

Gerry Kelly, Finance and Operational Officer of The Sovereign Group, said: "With over 10,000 existing QROPS members, adding a SIPP operation in the UK makes sense for our Group. While most UK non-residents say they won't return to the UK, the reality is that many do. Sovereign can therefore be a one-stop-shop for their retirement planning needs. Sovereign offers free transfers within its range of QROPS products and that will immediately be extended to our SIPP offering."

"The retirement planning division of Sovereign now accounts for almost 25% of group turnover and plans are in place to expand the range of retirement products and services, as well as our jurisdictional capability, over the coming two years," he added.

Chris Williams, CEO of MWP, said: "We are delighted to be acquired by Sovereign, which is recognised as a leading provider of pensions in the international market. The acquisition also ensures security for our dedicated and long serving workforce who are very much looking forward to being part of a large financial services group."

Chris Williams and Marion Forshaw will remain with MWP and oversee the integration with Sovereign. Richard Chandler, who is part of the Sovereign pensions technical team, will have operational responsibility for the acquired business.

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