Goddard Perry has announced the merger of the Spinnaker Master Trust and Salvus Master Trust with effect from 1st January 2016.
Salvus was launched in 2012 and now has in excess of 900 scheme registrations, while Spinnaker was founded in 2009 and has over 100 schemes registered. The merger will create a 10,000 member, £40m plus master trust and will be named Salvus Master Trust.
Steve Goddard, MD of Goddard Perry commented: “Auto enrolment provides a considerable opportunity for financial advisers and employee benefit consultants, but they need the reassurance of working with a strong master trust. The merger between the two successful brands is a clear indication of our commitment to the market and to our introducers.
“It is clear that only the fittest and leanest master trusts will survive. With Nest losing a considerable amount of taxpayers’ money, providers must strive to offer terms that are competitive but will also create profit. The six month deferral of pension increases by the Chancellor announced in the Autumn statement will not help profit models for many auto enrolment providers.”
Salvus recently launched a new product called Salvus AVC. This is a de-risking product allowing DB or DC AVCs to be transferred out of the ceding scheme to reduce governance and costs associated with AVCs. Salvus AVC also has a solution for Equitable Life AVCs.