XPS Pensions Group has bought Royal London’s pensions actuarial, consulting and administration services for £4.8m.
RL Corporate Pension Services Limited (RLCPS) provides pensions actuarial, consulting and administration services to 150 smaller defined benefit (“DB”) pensions schemes, covering 8,000 scheme members.
The deal will see 46 employees transferred to XPS’s Edinburgh office.
XPS says the deal strengthens capability in delivering a tailored service suitable for the whole spectrum of DB schemes, from small to very large.
XPS Pensions Group co-CEO Paul Cuff says: “This acquisition is consistent with our strategic focus on becoming the pre-eminent pensions consultancy in the UK and improves our capability and offerings to smaller pension schemes. We see this as particularly important, given the increasing need for smaller pension schemes to have access to high quality advice and technology enabled solutions in a cost-effective way. We welcome our new clients and our new colleagues to our business.”
Royal London CEO Intermediary Isobel Langton says: “We are very pleased to have reached agreement with XPS. It has been paramount for us in this process to find a partner who can provide a fantastic service to RLCPS’s clients both now and into the future as the regulatory challenges these clients face will only increase. We are confident that these clients will benefit from XPS’s UK pensions market knowledge, and the technology and expertise that they can bring to bear. At the same time, we feel that XPS, with its strong employee culture, is a fantastic home for transferring employees.”