Punter Southall Aspire has announced it is withdrawing from the master trust market.
It said the trustee of the Aspire Savings Trust would now begin a due diligence process to assess the master trust market to identify a suitable home for the scheme's membership and assets.
The move comes as Punter Southall Aspire announced a strategic partnership with Evolve, which will see Punter Southall Aspire appointed as its ‘at retirement' adviser for existing and new scheme members, enabling the firm to provide financial advice to support members' retirement planning and financial decision making.
Punter Southall Aspire will also look to develop a packaged health, risk and pension product for the SME market using the Crystal Trust - Evolve's own master trust.
The partnership with Evolve was the result of Punter Southall Aspire's strategic business review, which acknowledged the business landscape has changed and that opportunities to scale have reduced.
Punter Southall Aspire will now focus on growing its national retirement and financial planning business, working with employers and employees across the UK.
Punter Southall Aspire chief executive Steve Butler said: "There are many synergies between Punter Southall Aspire and Evolve. Our new strategic partnership will enable us to focus on our strengths - providing financial advice and consultancy to support members' financial planning and helping them make the best financial retirement decisions."
Evolve Pensions chief executive Paul Bannister said, "We are delighted to partner with Punter Southall Aspire. We will be referring all our members to Punter Southall Aspire for ‘at retirement' advice. In the current economic climate, we feel it is essential members can access financial guidance to help them navigate the complex range of pension options at their disposal and make the best financial decisions to support their retirements."
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