StockMarketWire.com - Curtis Banks Group has signed a contract to take on the administration of a significant book of self-invested personal pension schemes from another third party administrator. The contract is for a minimum 10 year period.

Curtis Banks will receive an annual fee for each SIPP administered, subject to agreed minimum aggregate annual amounts.

The fees payable to Curtis Banks under the contract are front end loaded over the first two years of the contract to reflect the initial workload of taking on the book of SIPPs during the contract term. The fees in each of the first two years amount to £1.25m with an additional initial payment of £0.75m during the first year of the contract to cover costs during the transition period. Curtis Banks expects to achieve its current profit margins through the administration of this book of SIPPs during the contract term.




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