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{{Short description|British pensions administrator}}
{{Infobox company |
{{Infobox company
company_name = Suffolk Life Pensions Limited|
company_logo = [[File:Suffolk Life logo 2012.jpg]]|
| name = Suffolk Life Pensions Limited
| logo = SuffolkLife Identity RGB SL web.jpg
company_slogan = Working harder for every customer|
foundation = 1971|
| foundation = {{start date |1971 }}
| defunct = {{End date|2019 }}
location = 153 Princes Street, [[Ipswich]], [[Suffolk]], [[United Kingdom]]|
| fate = Acquired and merged
⚫
key_people = Will Self, Managing Director|
| successor = [[Curtis Banks]]
⚫
num_employees = 200 (2012)|
industry = [[Financial Services]]|
| location_city = [[Ipswich]], [[Suffolk]]
| location_country = [[United Kingdom]]
products = [[Pension]]s, [[Self-invested personal pension]]s|
⚫
| key_people = Will Self, Chief Executive Officer
⚫
homepage = http://www.suffolklife.co.uk|
parent = [[Legal & General]]
| industry = [[Financial services]]
AUA = [[Pound sterling|£]]5 billion (2012)|
| products = [[Pension]]s, [[Self-invested personal pension]]s
⚫
| num_employees =
| aum = [[Pound sterling|£]]10.5 billion (2018) (assets under administration AUA))
⚫
| homepage = {{website |http://www.suffolklife.co.uk }}
}}
}}


'''Suffolk Life''', based in [[Ipswich]], [[Suffolk]], is a British pensions administrator. It mainly provides the administration of [[self-invested personal pension]]s (SIPPs), and personal pensions for private funds and self-invested funds of third party providers. Suffolk Life is a non-advice [[pension]] provider and is well known for its commercial property investment expertise.
'''Suffolk Life''' was a British pensions administrator based in [[Ipswich]], [[Suffolk]]. It mainly provided the administration of [[self-invested personal pension]]s (SIPPs), and personal pensions for private funds and self-invested funds of third party providers. Suffolk Life was a non-advice [[pension]] provider and was well known for commercial property expertise.


The company was acquired by the [[Curtis Banks|Curtis Banks Group plc]] for £45 million from [[Legal & General]] on 25 May 2016. The brand aligned with Curtis Banks in 2018 and was completely replaced by the parent Curtis Banks brand and identity in 2019.
The company came under [[Legal & General]] ownership in 2008,<ref name="L&Gownership">[http://www.ifaonline.co.uk/ifaonline/news/1340356/l-g-agrees-gbp62m-deal-suffolk-life?page=ifa2006_articleimport&tempPageName=746283 Legal & General buy Suffolk Life]</ref> but maintains its independent name and branding. [[Legal & General]] is listed on the [[London Stock Exchange]] and is a constituent of the [[FTSE 100 Index]].


== History ==
== History ==
Suffolk Life was established in 1971 by a group of solicitors, with the aim of allowing commercial property to be purchased using [[pension]] funds. The business was founded by Alan Catchpole, and then taken over by his son, Henry Catchpole, who held the role of Managing Director from 1997 until 2010.<ref name="HenryCatchpoleleaves">[http://citywire.co.uk/new-model-adviser/suffolk-life-chief-executive-catchpole-steps-down/a391060 Henry Catchpole steps down]</ref>
Suffolk Life was established in 1971 by a group of solicitors, with the aim of allowing commercial property to be purchased using [[pension]] funds. The business was founded by Alan Catchpole, and then taken over by his son, Henry Catchpole, who held the role of managing director from 1997 until 2010.<ref name="HenryCatchpoleleaves">[http://citywire.co.uk/new-model-adviser/suffolk-life-chief-executive-catchpole-steps-down/a391060 Henry Catchpole steps down]</ref>


One of the company's early focuses was SSAS ([[Small Self Administered Scheme]]) administration, however in 2006 Suffolk Life sold this book of business to Mattioli Woods,<ref name="SSAS">[http://www.ftadviser.com/FTAdviser/Pensions/News/article/20060206/578c7a6a-ea32-11dc-ab39-0015171400aa/Suffolk-shifts-SSASs-to-serve-SIPPs.jsp Suffolk Life sells SSAS business]</ref> a specialist pensions consultancy, to focus on the administration of [[self-invested personal pension]]s (SIPPs). Suffolk Life's first SIPP product (The Suffolk Life SIPP), launched in 1996, was written as an insurance contract by Suffolk Life Annuities Limited, an insurance company within the Suffolk Life group.
One of the company's early focuses was SSAS ([[Small Self Administered Scheme]]) administration, however in 2006 Suffolk Life sold this book of business to Mattioli Woods,<ref name="SSAS">[http://www.ftadviser.com/FTAdviser/Pensions/News/article/20060206/578c7a6a-ea32-11dc-ab39-0015171400aa/Suffolk-shifts-SSASs-to-serve-SIPPs.jsp Suffolk Life sells SSAS business]</ref> a specialist pensions consultancy, to focus on the administration of [[self-invested personal pension]]s (SIPPs). Suffolk Life's first SIPP product (The Suffolk Life SIPP), launched in 1996, was written as an insurance contract by Suffolk Life Annuities Limited, an insurance company within the Suffolk Life group.


In 2007 The Suffolk Life SIPP closed to new business. Suffolk Life launched a new product, the MasterSIPP<ref name="MasterSIPP">[http://www.ftadviser.com/FTAdviser/Pensions/News/article/20071005/7bdfd5b6-ea63-11dc-abcd-0015171400aa/Suffolk-Life-launches-MasterSipp-preceding-roll-out-of-new-portfolio.jsp Suffolk Life launches the MasterSIPP]</ref> - a [[self-invested personal pension]] allowing more flexibility concerning the self-investment of protected rights.
In 2007 The Suffolk Life SIPP closed to new business. Suffolk Life launched a new product, the MasterSIPP<ref name="MasterSIPP">[http://www.ftadviser.com/FTAdviser/Pensions/News/article/20071005/7bdfd5b6-ea63-11dc-abcd-0015171400aa/Suffolk-Life-launches-MasterSipp-preceding-roll-out-of-new-portfolio.jsp Suffolk Life launches the MasterSIPP]</ref> - a [[self-invested personal pension]] allowing more flexibility concerning the self-investment of protected rights.


2010 saw the introduction of the SimSIPP - a product aimed at those investors and advisers who would deal solely with one investment manager. They currently have partnerships with several investment managers.
2010 saw the introduction of the SimSIPP - a product aimed at those investors and advisers who dealt solely with one investment manager. They then had partnerships with several [[investment managers]].


Suffolk Life introduced the SmartSIPP<ref name="SmartSIPP">[http://www.ftadviser.com/FinancialAdviser/Pensions/Personal/SIPPs/News/article/20110707/496a1f84-a648-11e0-bff1-00144f2af8e8/Suffolk-Life-takes-on-midsector-with-SmartSipp.jsp Suffolk Life launches SmartSIPP product]</ref> in 2011 - a platform-based [[self-invested personal pension]] (SIPP) allowing access to funds within selected platforms and a [[stockbroker]].
Suffolk Life introduced the SmartSIPP in 2011 - a platform-based [[self-invested personal pension]] (SIPP) allowing access to funds within selected platforms and a [[stockbroker]].<ref name="SmartSIPP">[http://www.ftadviser.com/FinancialAdviser/Pensions/Personal/SIPPs/News/article/20110707/496a1f84-a648-11e0-bff1-00144f2af8e8/Suffolk-Life-takes-on-midsector-with-SmartSipp.jsp Suffolk Life launches SmartSIPP product]</ref>


Suffolk Life provides third-party administration services for self-invested pensions for the following:
Suffolk Life provided third-party administration services for self-invested pensions for:
* [[Aviva]]<ref name="Aviva">[http://www.aviva.co.uk/media-centre/story/2475/new-self-invested-personal-pension-from-norwich-un/ Aviva/Norwich Union with Suffolk Life]</ref>
* [[Aviva]]<ref name="Aviva">[http://www.aviva.co.uk/media-centre/story/2475/new-self-invested-personal-pension-from-norwich-un/ Aviva/Norwich Union with Suffolk Life]</ref>
* [[Clerical Medical]]<ref name="ClericalMedical">[http://www.clericalmedical.co.uk/Business/Media/MZDisplayRelease.asp?id=MZ2005_081 Clerical Medical with Suffolk Life]</ref>
* [[Clerical Medical]]<ref name="ClericalMedical">[http://www.clericalmedical.co.uk/Business/Media/MZDisplayRelease.asp?id=MZ2005_081 Clerical Medical with Suffolk Life]</ref>
* [[Prudential plc]]
* [[Prudential plc]]


Suffolk Life and Cofunds launched the Cofunds Pension Account<ref name="CPA">[http://www.ifaonline.co.uk/ifaonline/news/1592373/cofunds-unveil-personal-pension-suffolk-life Cofunds Pension Account with Suffolk Life]</ref> in March 2010, a [[pension plan]] provided by Suffolk Life offering [[Financial advisor|advisers]] and [[investor]]s access to investments on the Cofunds platform.
Suffolk Life and Cofunds launched the Cofunds Pension Account in March 2010, a [[pension plan]] provided by Suffolk Life offering [[Financial advisor|advisers]] and [[investor]]s access to investments on the Cofunds platform.<ref name="CPA">[http://www.ifaonline.co.uk/ifaonline/news/1592373/cofunds-unveil-personal-pension-suffolk-life Cofunds Pension Account with Suffolk Life]</ref>


In 2008, Suffolk Life came under ownership of the [[Legal & General]] Group.<ref name="L&Gownership2">[http://www.citywire.co.uk/money/legal-and-general-snaps-up-suffolk-life/a299236.aspx Legal & General to buy Suffolk Life]</ref>
In 2008, Suffolk Life came under ownership of the [[Legal & General]] Group.<ref name="L&Gownership2">[http://www.citywire.co.uk/money/legal-and-general-snaps-up-suffolk-life/a299236.aspx Legal & General to buy Suffolk Life]</ref>


On 21 November 2012, Suffolk Life announced they were acquiring a book of business from Pointon York,<ref name="PYbiz">[http://citywire.co.uk/new-model-adviser/suffolk-life-acquires-pointon-york-sipp/a636073 Suffolk Life acquiring Pointon York business]</ref> following a closure of one of Pointon York's schemes. This brought 1,700 investors to Suffolk Life's existing business.
On 21 November 2012, Suffolk Life announced they were acquiring a book of business from Pointon York,<ref name="PYbiz">[http://citywire.co.uk/new-model-adviser/suffolk-life-acquires-pointon-york-sipp/a636073 Suffolk Life acquiring Pointon York business]</ref> following a closure of one of Pointon York's schemes. This brought 1,700 investors to Suffolk Life's existing business. Following this in May 2013, Suffolk Life acquired Origen Investment Services and Pearson Jones Plc's SIPP books, bringing over 700 new SIPPs to Suffolk Life.


On 15 January 2016 it was announced that Curtis Banks Group plc - another SIPP provider - was to acquire Suffolk Life from Legal & General for £45 million. The acquisition completed on 25 May 2016.<ref>{{Cite web|url=http://www.moneymarketing.co.uk/curtis-banks-to-acquire-suffolk-life-in-45m-deal/|title=Curtis Banks to acquire Suffolk Life in £45m deal {{!}} Money Marketing|website=www.moneymarketing.co.uk|date=15 January 2016|access-date=2016-05-26}}</ref>
==Operations==
Suffolk Life administers SIPPs on behalf of over 18,000 clients, and owns just over 2,800 properties on behalf of 4,200 of those investors as at July 2013.


Subsequently, Suffolk Life acquired SIPP provider EPML (European Pensions Management Limited) from special administration on 15 July 2016.<ref>{{Cite web|url=https://www.fca.org.uk/news/statements/european-pensions-management-ltd-enters-administration|title=European Pensions Management Ltd enters administration|date=22 June 2016}}</ref>
Suffolk Life employs approximately 200 staff.


Suffolk Life ceased as an active brand at the beginning of 2019, rebranded as Curtis Banks Pensions.
Prior to 2006, Suffolk Life accepted business direct from clients without the need for adviser involvement. New business is now only accepted via [[financial adviser]]s.

==Senior Management==
Suffolk Life is led by Will Self, previously Operations Director, who took over from David Hobbs in July 2013. Suffolk Life has a medium-sized board of directors from varied backgrounds.

==Recognition==
In 2006, Suffolk Life became the first company in the UK to gain an 'Investors in Customers' accreditation, and repeated the exercise in both 2008 and 2010. Every time they achieved a 2 star 'Outstanding' rating.

In 2010 and 2012 the MasterSIPP was awarded a 5 star Defaqto rating.

==Charity work==
Suffolk Life contributes in fundraising events for many charities, including the Wear it Pink Breast Cancer Awareness Campaign and Children in Need. In addition, Suffolk Life funds the Suffolk Life Charitable Foundation, which was formed for the purpose of making grants to small/medium sized East Anglian charities and giving something back to the community that Suffolk Life's employees work and live in. The Foundation is independent of Suffolk Life but funded by it. Suffolk Life does not have any influence over the Trustee's decisions on how to allocate funds to grant requests received.

In 2010, Suffolk Life took part in the EACH (East Anglia's Children's Hospices) Corporate Challenge Treehouse Appeal, whereby local companies in [[East Anglia]] were asked to raise £10,000 to support the building of a new children's hospice. Suffolk Life raised over £10,000 for this cause.

In 2012, Suffolk Life is raising money for the [[East Anglian Air Ambulance]] - an abseil, the Orwell Walk and many casual days were completed to raise money.

Suffolk Life hold Environmental Days for their staff as part of their Corporate and Social Responsibility (CSR).


==References==
==References==
{{Reflist}}
{{Reflist}}


==External links==
* [http://www.suffolklife.co.uk/ Suffolk Life Pensions Limited - Official Company website]
* [http://www.youtube.com/user/Suffolklife/ Suffolk Life YouTube page for video demonstrations and technical information]
* [http://www.facebook.com/SuffolkLife/ Suffolk Life Facebook page - for information about their Corporate Social Responsibility]
* [http://www.legalandgeneralgroup.com/ Legal & General Group Plc - Official Company website]
{{Portal|Companies}}
{{Portal|Companies}}


[[Category:Companies established in 1971]]
[[Category:Financial services companies established in 1971]]
[[Category:Insurance companies of the United Kingdom]]
[[Category:Insurance companies of the United Kingdom]]
[[Category:British companies established in 1971]]

Latest revision as of 00:05, 4 November 2024

Suffolk Life Pensions Limited
IndustryFinancial services
Founded1971 (1971)
Defunct2019 (2019)
FateAcquired and merged
SuccessorCurtis Banks
Headquarters
Ipswich, Suffolk
,
United Kingdom
Key people
Will Self, Chief Executive Officer
ProductsPensions, Self-invested personal pensions
AUM£10.5 billion (2018) (assets under administration AUA))
Websitewww.suffolklife.co.uk

Suffolk Life was a British pensions administrator based in Ipswich, Suffolk. It mainly provided the administration of self-invested personal pensions (SIPPs), and personal pensions for private funds and self-invested funds of third party providers. Suffolk Life was a non-advice pension provider and was well known for commercial property expertise.

The company was acquired by the Curtis Banks Group plc for £45 million from Legal & General on 25 May 2016. The brand aligned with Curtis Banks in 2018 and was completely replaced by the parent Curtis Banks brand and identity in 2019.

History

[edit]

Suffolk Life was established in 1971 by a group of solicitors, with the aim of allowing commercial property to be purchased using pension funds. The business was founded by Alan Catchpole, and then taken over by his son, Henry Catchpole, who held the role of managing director from 1997 until 2010.[1]

One of the company's early focuses was SSAS (Small Self Administered Scheme) administration, however in 2006 Suffolk Life sold this book of business to Mattioli Woods,[2] a specialist pensions consultancy, to focus on the administration of self-invested personal pensions (SIPPs). Suffolk Life's first SIPP product (The Suffolk Life SIPP), launched in 1996, was written as an insurance contract by Suffolk Life Annuities Limited, an insurance company within the Suffolk Life group.

In 2007 The Suffolk Life SIPP closed to new business. Suffolk Life launched a new product, the MasterSIPP[3] - a self-invested personal pension allowing more flexibility concerning the self-investment of protected rights.

2010 saw the introduction of the SimSIPP - a product aimed at those investors and advisers who dealt solely with one investment manager. They then had partnerships with several investment managers.

Suffolk Life introduced the SmartSIPP in 2011 - a platform-based self-invested personal pension (SIPP) allowing access to funds within selected platforms and a stockbroker.[4]

Suffolk Life provided third-party administration services for self-invested pensions for:

Suffolk Life and Cofunds launched the Cofunds Pension Account in March 2010, a pension plan provided by Suffolk Life offering advisers and investors access to investments on the Cofunds platform.[7]

In 2008, Suffolk Life came under ownership of the Legal & General Group.[8]

On 21 November 2012, Suffolk Life announced they were acquiring a book of business from Pointon York,[9] following a closure of one of Pointon York's schemes. This brought 1,700 investors to Suffolk Life's existing business. Following this in May 2013, Suffolk Life acquired Origen Investment Services and Pearson Jones Plc's SIPP books, bringing over 700 new SIPPs to Suffolk Life.

On 15 January 2016 it was announced that Curtis Banks Group plc - another SIPP provider - was to acquire Suffolk Life from Legal & General for £45 million. The acquisition completed on 25 May 2016.[10]

Subsequently, Suffolk Life acquired SIPP provider EPML (European Pensions Management Limited) from special administration on 15 July 2016.[11]

Suffolk Life ceased as an active brand at the beginning of 2019, rebranded as Curtis Banks Pensions.

References

[edit]
  1. ^ Henry Catchpole steps down
  2. ^ Suffolk Life sells SSAS business
  3. ^ Suffolk Life launches the MasterSIPP
  4. ^ Suffolk Life launches SmartSIPP product
  5. ^ Aviva/Norwich Union with Suffolk Life
  6. ^ Clerical Medical with Suffolk Life
  7. ^ Cofunds Pension Account with Suffolk Life
  8. ^ Legal & General to buy Suffolk Life
  9. ^ Suffolk Life acquiring Pointon York business
  10. ^ "Curtis Banks to acquire Suffolk Life in £45m deal | Money Marketing". www.moneymarketing.co.uk. 15 January 2016. Retrieved 2016-05-26.
  11. ^ "European Pensions Management Ltd enters administration". 22 June 2016.
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