Saga plc, the leading provider of services to the nation’s over 50s market, and Tilney Bestinvest, the award winning investment and financial planning group, are to launch a new joint venture. The business will be branded ‘Saga Investment Services powered by Tilney Bestinvest’ (the “JV”) and will be operational in the second half of 2015.
The JV will develop a range of bespoke services and solutions that will draw upon Tilney Bestinvest’s investment and financial planning expertise and Saga’s access and insight into the needs of the nation’s over 50s. Saga already serves some 2.7 million customers with a variety of products and services, supported by award-winning customer service. Saga will identify people within its proprietary database of 10.6 million over 50s who could benefit from the new services.
According to a recent study from the independent Centre for Economic and Business Research (CEBR), those aged 50 and over hold 77.3% of all the UK’s financial wealth (£1.2 trillion) and 70.8% of pension wealth (£3.4 trillion). With radical reforms to pensions coming into effect this April, those aged 50 and over will face an increased range of choices both pre- and post-retirement. It is estimated that the new freedom to access pension savings will see an extra £1.5 billion released to spend or invest in 2015. Saga and Tilney Bestinvest therefore believe the demand for high quality financial information and access to trusted advice has never been greater.
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