The service will be aimed at the growing pre and post retirement demographic. Pershing will provide the new platform with full UK wrap administration capability, including Pershing’s execution-only Sipp and investment account and ISA wrappers.
The Saga Investment Services website, launched in November 2015, uses Pershing’s technology to support online account management. These include the opening of accounts, amending of personal data, funding investments using a debit card, trading, transferring money between accounts and accessing valuations and documentation such as contract notes and consolidated tax vouchers. These are executed through Pershing’s Trading Services.
Ileana Sodani, chief relationship officer at Pershing Limited, said: “The changes in the pensions industry have created a tremendous opportunity for Saga and our long-term client Tilney Bestinvest to expand their capabilities to a much broader audience. While increased choice is good for consumers, they also need access to expert financial advice in order to make informed decisions. Both companies have proven expertise in catering to the over-fifty market and this will help drive the growth and success of the joint venture.”
Donald Reid, chief operating officer at Tilney Bestinvest said: “Tilney Bestinvest has enjoyed a strong relationship with Pershing since 1998. For this project, Pershing’s input on the development of the concept, advice on regulatory requirements throughout the customer journey, and integrating systems to ensure straight-though processing was invaluable”.
Saga Investment Services offers a range of services including financial advice, investment management, and an execution-only platform aimed at Saga’s database of 11 million aged over the age of fifty.
Saga Investment Services was launched following the introduction of the new pension freedoms in April 2015. Retirees are no longer required to purchase an annuity with their pension pot and have increased flexibility in withdrawing lump sums or setting up income drawdown.
Pershing Limited provides broker-dealers, asset managers, intermediary firms, IFAs, and financial institutions across Europe with a range of products, services, and solutions including retail clearing, fully disclosed institutional global clearing, broker services, and trading services.