News in brief - 4 February 2022

LPPA, the administration arm of Local Pensions Partnership (LPP), has partnered with the Hammersmith & Fulham Pension Fund.

The scheme is the 18th pension administration client to partner with LPPA, having first approached LPPA in December 2020 when it was looking to replace its current administrator. LPPA will be working with the scheme to prepare for the introduction of a new administration system, in an effort to provide members, employers and beneficiaries with more ways to engage with the scheme.

Legal & General (L&G) has launched a midlife MOT course in partnership with the Open University.

The course is free and open to everyone, regardless of whether they are L&G customers, and covers there key areas as identified by the Department for Work and Pensions: work, wealth and wellbeing. It has been designed to support those aged 40 to 60 by giving them the tools and knowledge to approach mid and later life with confidence, particularly in light of research from the financial services company, which revealed that one in five (19 per cent) people in midlife spend no time on improving their financial wellbeing, which could affect their retirement plans.

Kingswood has acquired financial advisory firm Allots Financial Services Limited.

Following regulatory approval, the business will be acquired for total cash consideration of up to £2.5m, payable over a two year period, with £1.25m to be paid at closing and the balance paid on a deferred basis, subject to the achievement of pre-agreed performance targets. The acquisition will strengthen Kingswood’s UK client facing advisory team and increase UK funds under management to £6.5bn from around 16,640 active clients. This will bring Kingswood Group’s total assets under administration to over £8.1bn.

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