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Pershing to support Tilney Bestinvest/Saga JV


Pershing Limited has been selected to provide full UK wrap administration and execution capabilities to Saga Investment Services, the new joint venture from Tilney Bestinvest and Saga.

To support the increasing demand for retirement solutions, 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 award-winning solutions to support full 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. All execution is through Pershing’s Trading Services.
“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,” says Ileana Sodani, chief relationship officer at Pershing Limited. “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.”

“Our support of the launch and ongoing operations of the new platform reflects our commitment to deliver transparent and efficient solutions for our clients, as well as regulatory expertise, thereby reducing the administrative and regulatory burden so that clients can focus on their core business,” adds Sodani.

Donald Reid, chief operating officer at Tilney Bestinvest, says: “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 proprietary 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, which allow savers greater control over how they access their savings in retirement. 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.  

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