RSM Tenon has sold its pension administration services business, Tenon Pension Trustees, to Dentons Pension Management for a 'high-value' undisclosed sum.

The deal sees around 650 self-invested personal pension (SIPP) plans transferred to Dentons, while the Tenon Pension Trustees team will transfer to Dentons under TUPE and will continue to administer pensions including the RSM Tenon Director SIPPs.

Purchasing the RSM Tenon plans will add another £250m of assets under management to Denton's existing £2bn of assets under management.

Denton chairman Martyn Rose said: 'It is a perfect fit for us being high quality and with the same underlying ethos of placing the client at the heart of everything we do. We are committed to the SIPP and SSAS market and despite the current market uncertainty over capital adequacy we are a strong and well capitalised business and an active consolidator.'

RSM Tenon says the move follows a strategic business review which identified that its bespoke SIPP business no longer fitted with the scope of its financial management group, which focuses on providing advice and investment management solutions to clients.

The firm says it undertook the review following the announcement of the Financial Services Authority's (FSA's) Retail Distribution Review, which is examining changes in the capital requirements for SIPP providers if they hold 'non standard' assets such as unregulated collective investment schemes and commercial property. RSM Tenon's SIPPs are believed contain a number of commercial properties and other esoteric investments.

John White, Head of Financial Management at RSM Tenon said: 'Selling Tenon Pension Trustees was a core part of the business strategy this year. We are pleased to have achieved such a good deal in terms of the sale value, future career prospects for Tenon Pension Trustees team, and particularly our clients and colleagues.'

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