The stake, which the company has not disclosed, will result in Momentum Pensions having a base in four jurisdictions, with the UK now sitting alongside its existing offices in the Isle of Man, Malta and Gibraltar.
Calderwood will be renamed Momentum Pensions Limited, having just received FCA regulatory approval for the deal, and will continue to offer traditional SIPP and SSAS business through Momentum’s worldwide distribution.
Stewart Davies, chief executive of Momentum Pensions Group said: “The acquisition positions us in all four major jurisdictions, and allows us the flexibility to offer the most suitable product, after securing the right advice.”
He added: “We see a bright future for both SIPP and QROPS products and are now well positioned to meet all and any demand in what is an ever changing pensions landscape.”
Earlier this week, for example, a new requirement for QROPS to be tested against the lifetime allowance more than just at crystallisation was revealed in the Taxation of Pensions Bill.
Momentum Pensions Group chairman Mark Gaywood said the deal enabled the company to “offer a complete solution through every key jurisdiction to both UK expatriates and now, UK residents”.
He also said that it completed “the strategy of owning our businesses, allowing us to provide a seamless, one-stop solution to our distribution. The current Calderwood team will be integrated into Momentum’s operations and will move to new offices in the Greater Manchester area.”
The Momentum SIPP is already live and ready to accept new members, and Gaywood said in the near future the company would be “looking closely at how we can enhance the SIPP and SSAS product range further to deliver more choice for our partners”.
Ian Scott, managing director of Calderwood Pensions, will be joined on the board of directors by Gaywood, with the business being rebranded Momentum during the integration process.
Scott said Momentum approached Calderwood with a very attractive proposition.
“This will add a significant level of distribution to our business, allowing us to grow the UK client base and to tap into growing worldwide markets. Momentum brings with it its own in-house technical expertise which, when added to our current team, gives our clients access to a broader range of knowledge necessary for dealing with the ever changing pensions landscape”, he said.
To read more about Momentum Pensions opening an office in Gibraltar and launching an international pensions business there, click here.