The company says it has begun due diligence to find a new home for the membership and assets of its Aspire Savings Trust.
The withdrawal comes as the group enters into a partnership with Master Trust specialist Evolve. The deal will see Punter Southall Aspire appointed as Evolve’s ‘at retirement’ adviser for existing and new scheme members.
PSA says this will enable it to provide financial advice to support members’ retirement planning and financial decision making.
Punter Southall Aspire also plans to launch a packaged health, risk and pension product for the SME market using the Crystal Trust – Evolve’s master trust.
The Crystal Trust is currently used by 1,500 employers.
PSA said it reviewed its business and assessed that in a changing business landscape the opportunities to grow have “reduced.”
With this in mind PSA decided to focus on expanding its retirement and Financial Planning business, working with employers and employees across the UK, it said.
Steve Butler, chief executive of Punter Southall Aspire, 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.”
Paul Bannister, chief executive, Evolve Pensions 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.”
Punter Southall Aspire is part of the Punter Southall Group, which is majority employee owned. Punter Southall Aspire looks after 1,250 schemes and £4.3bn in Assets Under Advice. It has 140 staff and 1,600 private clients.