Punter Southall Aspire has announced that is withdrawing from the master trust market and is seeking a “suitable home” for Aspire Savings Trust members.

The Aspire Savings Trust was one of the 38 defined contribution master trusts authorised by The Pensions Regulator but will now exit the market.

The scheme trustee will begin its due diligence in assessing the master trust market to find the best place to transfer its members and assets to.

It comes as Punter Southall Aspire has announced a strategic partnership with Evolve, which will see Punter Southall Aspire appointed as its ‘at retirement’ adviser for existing and new scheme members.

Evolve has its own master trust in the market – the Crystal Trust – and Punter Southall Aspire will use it to look to develop a “packaged health, risk and pension product for the SME market”.

The Crystal Trust currently covers 1,500 employers.

Punter Southall Aspire said that its partnership with Evolve was the result of its recent strategic business review, which “acknowledged the business landscape has changed and that opportunities to scale have reduced”.

The firm will now focus on growing its retirement and financial planning business.

Commenting on the announcements, Punter Southall Aspire CEO, Steve Butler, said: “There are many synergies between Punter Southall Aspire and Evolve.

“Our new strategic partnership will enable us to focus on our strengths - providing financial advice and consultancy to support members’ financial planning and helping them make the best financial retirement decisions.”

Evolve CEO, Paul Bannister, added: “We will be referring all our members to Punter Southall Aspire for ‘at retirement’ advice.

"In the current economic climate, we feel it is essential members can access financial guidance to help them navigate the complex range of pension options at their disposal and make the best financial decisions to support their retirements.”

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