STM Group PLC TPR Authorisation of Carey Workplace Master Trust (4286O)
02 Ottobre 2019 - 08:00AM
UK Regulatory
TIDMSTM
RNS Number : 4286O
STM Group PLC
02 October 2019
STM Group Plc
("STM" or "the Company" or "the Group")
TPR approval received for Carey Workplace Pension Master
Trust
STM Group Plc (AIM: STM), the cross border financial services
provider, is pleased to announce that The Pension Regulator ("TPR")
yesterday confirmed the authorisation of the Carey Workplace
Pension Trust as an approved Master Trust (the "Master Trust") for
the continuing acceptance of auto-enrolment contributions from the
UK market.
The Master Trust is administered by Carey Corporate Pensions
(UK) Limited, which forms part of the UK businesses that were
acquired by the Group in February of this year, and which gives STM
further reach into the UK pensions market following its previously
stated intentions to grow its Pension business and increase its
exposure in the UK.
The Master Trust landscape continues to evolve as a result of
the requirement for TPR authorisation, with the process commencing
in October 2018 and effectively closing the door to applications
from existing Master Trusts on 31 March 2019. At that time only 39
applications were received from an initial population in excess of
80.
STM expects there to be continued consolidation in the market
and sees this as an opportunity to significantly expand its
membership within the Master Trust both through organic growth
opportunities and through acting to acquire sub-scale trusts who
have not attempted to seek authorisation.
Alan Kentish, CEO of STM Group Plc commented:
"The authorisation of the Carey Master Trust is an important
milestone for us, and I would like to thank the whole team for
their hard work and diligence in pulling the application together.
The auto-enrolment membership is clearly an ever-growing
population, and for those Master Trusts still able to accept new
business it is an exciting proposition. I believe that there are
opportunities for the medium sized Master Trusts, such as Carey, to
offer tailored solutions to the intermediary advisor or asset
managers' client base; or indeed directly to the employers
themselves.
"Authorisation of the Carey Master Trust unlocks, in principle,
a healthy pipeline of transfers to us that were pending the
conclusion of TPR authorisation process.
"With the forthcoming name change and re-brand of the Carey SIPP
business, sitting alongside a relaunch of their bespoke SIPP
products, this feels like another positive step in building our UK
presence."
For further information, please contact:
STM Group Plc
Alan Kentish, Chief Executive Officer Tel: Via Walbrook
alan.kentish@stmgroupplc.com www.stmgroupplc.com
Therese Neish, Chief Financial Officer
therese.neish@stmgroupplc.com
finnCap www.finncap.com
Matt Goode / Simon Hicks - Corporate Finance Tel: +44 (0) 20 7220
Tim Redfern / Richard Chambers - ECM 0500
Walbrook www.walbrookpr.com
Tom Cooper / Paul Vann Tel: +44 (0) 20 7933
8780
Mob: +44 (0) 797 122
1972
tom.cooper@walbrookpr.com
Notes to editors:
STM is a multi jurisdictional financial services group which is
listed on the AIM Market of the London Stock Exchange. The Group
specialises in the administration of client assets in relation to
retirement, estate and succession planning and wealth
structuring.
Today, the Group has operations in the UK, Gibraltar, Malta,
Jersey and Spain. STM has developed a range of pension products for
UK nationals and internationally domiciled clients and has two
Gibraltar Life Assurance Companies which provide life insurance
bonds - wrappers in which a variety of investments, including
investment funds, can be held.
STM's growth strategy is focussed on both organic initiatives
and strategic acquisitions.
Further information on STM Group can be found at
www.stmgroupplc.com
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