Financial services provider STM Group will expand into the auto-enrolment (AE) market after completing a deal to acquire Carey Pensions.
The completion of the deal - announced today (13 February) - follows a previous announcement last October that STM would acquire the provider's AE and self-invested personal pension (SIPP) businesses for £400,000. STM will take an 80% stake in Carey Corporate Pensions UK, which provides AE workplace pension products, and a 70% stake in Carey Pensions UK, which offers SIPP products. The deal includes The Carey Workplace Pension Trust, and two other master trusts Carey Corporate Pensions UK administers: Islamic Pension Trust, and Lewis Pension Trust. It comes as master trusts are bei...
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