LONDON (Alliance News) - Curtis Banks Group PLC on Tuesday said it has signed a deal to take on the administration of a significant volume of self-invested personal pension schemes from another third party administrator.
Curtis said the contract is for a minimum of ten years and it will receive an annual fee for each SIPP it administers. The fees payable to the company are front-loaded over the first two years and will see Curtis paid GBP1.25 million in each of the first two years, plus and additional GBP750,000 payment in the first year to cover transition costs.
"We are delighted to have reached agreement to provide administrative services for this large book of SIPPs. This transaction fits well with Curtis Banks' proven expansion strategy and enhances our position as the go to consolidator for financial services companies seeking a specialist SIPP administrator," said Chief Executive Rupert Curtis.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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