Suffolk Life
Encyclopedia
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.
The company came under Legal & General
ownership in 2008, 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
.
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.
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, 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 - a self-invested personal pension
allowing more flexibility concerning the self-investment of protected rights.
In 2011, Suffolk Life introduced the SmartSIPP - a platform-based self-invested personal pension
(SIPP) allowing access to funds within selected platforms and a stockbroker.
Suffolk Life provides third-party administration services for self-invested pensions for the following:
In March 2010, Suffolk Life and Cofunds launched the Cofunds Pension Account, a pension plan provided by Suffolk Life offering advisers and investor
s access to investments on the Cofunds platform.
In 2008, Suffolk Life came under ownership of the Legal & General
Group.
Suffolk Life employs approximately 200 staff.
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.
. David is an Associate of the Pensions Management Institute
. Suffolk Life has a medium-sized board of directors from varied backgrounds.
In 2010 the MasterSIPP was awarded a 5 star Defaqto rating, and Suffolk Life received the Income Drawdown & Phased Retirement TAS Pensions Management award for the second year running. Suffolk Life have received a Pensions Management TAS award every year since 2006.
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 £20,000 for this cause.
Suffolk Life hold Environmental Days for their staff as part of their Corporate social responsibility
(CSR).
Ipswich
Ipswich is a large town and a non-metropolitan district. It is the county town of Suffolk, England. Ipswich is located on the estuary of the River Orwell...
, Suffolk
Suffolk
Suffolk is a non-metropolitan county of historic origin in East Anglia, England. It has borders with Norfolk to the north, Cambridgeshire to the west and Essex to the south. The North Sea lies to the east...
, is a British pensions administrator. It mainly provides the administration of self-invested personal pension
Self-invested personal pension
A Self-Invested Personal Pension is the name given to the type of UK-government-approved personal pension scheme, which allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue & Customs ....
s (SIPPs), and personal pensions for private funds and self-invested funds of third party providers. Suffolk Life is a non-advice pension
Pension
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...
provider and is well known for its commercial property investment expertise.
The company came under Legal & General
Legal & General
Legal & General Group Plc , commonly known as Legal & General, is a multinational financial services company headquartered in London, United Kingdom. Its products include life insurance, general insurance, pensions and investments. It has operations in the United Kingdom, Egypt, France, Germany,...
ownership in 2008, but maintains its independent name and branding. Legal & General
Legal & General
Legal & General Group Plc , commonly known as Legal & General, is a multinational financial services company headquartered in London, United Kingdom. Its products include life insurance, general insurance, pensions and investments. It has operations in the United Kingdom, Egypt, France, Germany,...
is listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and is a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
.
History
Suffolk Life was established in 1971 by a group of solicitors, with the aim of allowing commercial property to be purchased using pensionPension
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...
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.
One of the company's early focuses was SSAS (Small Self Administered Scheme
Small Self Administered Scheme
Small Self Administered Scheme is a type of UK Occupational Pension Scheme.Schemes are trust-based and established individually, usually by directors of limited companies for specified employees of the company. Since Pension Simplification , SSAS has been available for establishment by those who...
) administration, however in 2006 Suffolk Life sold this book of business to Mattioli Woods, a specialist pensions consultancy, to focus on the administration of self-invested personal pension
Self-invested personal pension
A Self-Invested Personal Pension is the name given to the type of UK-government-approved personal pension scheme, which allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue & Customs ....
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 - a self-invested personal pension
Self-invested personal pension
A Self-Invested Personal Pension is the name given to the type of UK-government-approved personal pension scheme, which allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue & Customs ....
allowing more flexibility concerning the self-investment of protected rights.
In 2011, Suffolk Life introduced the SmartSIPP - a platform-based self-invested personal pension
Self-invested personal pension
A Self-Invested Personal Pension is the name given to the type of UK-government-approved personal pension scheme, which allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue & Customs ....
(SIPP) allowing access to funds within selected platforms and a stockbroker.
Suffolk Life provides third-party administration services for self-invested pensions for the following:
- AvivaAvivaAviva plc is a global insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world measured by net premium income and has 53 million customers in 28 countries...
- Clerical MedicalClerical MedicalClerical Medical is a British life insurance, pensions and investments company founded in 1824.In 1824, Dr George Pinckard formed a committee of physicians and members of the clergy which published a pamphlet called 'Prospectus for the Establishment of a new Assurance Office with Improved...
- Prudential plcPrudential plcPrudential plc is a multinational financial services company headquartered in London, United Kingdom.Prudential's largest division is Prudential Corporation Asia, which has over 15 million customers across 13 Asian markets and is a top-three provider of life insurance in mainland China, Hong...
In March 2010, Suffolk Life and Cofunds launched the Cofunds Pension Account, a pension plan provided by Suffolk Life offering advisers and investor
Investor
An investor is a party that makes an investment into one or more categories of assets --- equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc...
s access to investments on the Cofunds platform.
In 2008, Suffolk Life came under ownership of the Legal & General
Legal & General
Legal & General Group Plc , commonly known as Legal & General, is a multinational financial services company headquartered in London, United Kingdom. Its products include life insurance, general insurance, pensions and investments. It has operations in the United Kingdom, Egypt, France, Germany,...
Group.
Operations
Suffolk Life administers SIPPs on behalf of over 14,000 clients, and owns just over 2,200 properties on behalf of 3,600 of those investors as at July 2011.Suffolk Life employs approximately 200 staff.
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
Financial adviser
A financial adviser, is a professional who renders financial services to individuals, businesses and governments. This can involve investment advice, which may include pension planning, and/or advice on life insurance and other insurances such as income protection insurance, critical illness...
s.
Senior Management
Suffolk Life is led by David Hobbs, previously Head of Corporate Business Division at Legal & GeneralLegal & General
Legal & General Group Plc , commonly known as Legal & General, is a multinational financial services company headquartered in London, United Kingdom. Its products include life insurance, general insurance, pensions and investments. It has operations in the United Kingdom, Egypt, France, Germany,...
. David is an Associate of the Pensions Management Institute
Pensions Management Institute
Pensions Management Institute is a professional organization that provides support, training and advisory for administrators of United Kingdom pension funds. The PMI declares itself as a non-lobby organization but rather one that promotes discussion between government and private sector...
. 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.In 2010 the MasterSIPP was awarded a 5 star Defaqto rating, and Suffolk Life received the Income Drawdown & Phased Retirement TAS Pensions Management award for the second year running. Suffolk Life have received a Pensions Management TAS award every year since 2006.
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 Trustees 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
East Anglia
East Anglia is a traditional name for a region of eastern England, named after an ancient Anglo-Saxon kingdom, the Kingdom of the East Angles. The Angles took their name from their homeland Angeln, in northern Germany. East Anglia initially consisted of Norfolk and Suffolk, but upon the marriage of...
were asked to raise £10,000 to support the building of a new children's hospice. Suffolk Life raised over £20,000 for this cause.
Suffolk Life hold Environmental Days for their staff as part of their Corporate social responsibility
Corporate social responsibility
Corporate social responsibility is a form of corporate self-regulation integrated into a business model...
(CSR).