Options range of services will include SIPPs, SSAS, commercial property, workplace pensions, auto-enrolment and third party administration.
It will also provide specialist commercial property services for individual SIPP, SSAS and syndicates.
Carey Pensions was bought by international pension provider STM Group last year for £400,000 but Carey Pensions continues to face court action from a client, the so-called ‘Adams’, case which has yet to be resolved
STM Group last year acquired 100% of Carey Administration Holdings Limited, owner of 70% of Carey Pensions UK LLP. Carey offered SIPP products to the UK market and owns 80% of Carey Corporate Pensions UK which offers auto-enrolment workplace pensions to SMEs.
The minority shareholdings of Carey Pensions UK LLP and Carey Corporate Pensions UK are owned by Christine Hallett, who continued as managing director of the Carey Pensions businesses and will head the new Options business.
The ‘Adams’ case revolves around an investor who alleges Carey failed in its duty of care by allowing him to invest in unregulated investments via his SIPP. It’s one of a number of court cases which have derailed several SIPP providers. New owner STM said last year it had secured indemnities and the benefit of significant existing PI cover to cap its risk
Carey’s auto-enrolment business has over 65,000 members and its UK SIPP business has over 4,000 members.
Options is an independent pension administrator and professional trustee company providing specialist pension services and products. It will effectively be the UK-focused pension arm of parent STM Group.
Options is led by managing director Christine Hallett who has over 30 years’ experience in SIPPs and corporate pensions, mostly at Carey.
She said: “Options is a robust, honest, and trusted service driven business with a team who all passionately believe in pensions solutions as being the right way to plan for a secure financial future.
“With our wealth of experience, and the strength which is derived from being part of the STM Group Plc, Options has a firm foundation from which we can offer a wide range of solutions, and more options and therefore more choice when compared to most other providers.”
Alan Kentish, chief executive of STM, said: “The rebrand to Options is the final piece of the jigsaw in being able to offer advisers and their clients a true, solutions-driven service that is capable of delivering Workplace Pensions via its authorised Master Trust through to highly complex bespoke SIPPs (including syndicated commercial property ownership) for the high net worth market.”