Railpen has announced the sale of its third-party pension administration business to Broadstone, covering over 20 pension schemes, and more than 110,000 UK members.

The decision follows a strategic review of the evolving defined benefit (DB) pensions landscape.

Railpen identified Broadstone as the ideal partner to continue delivering high-quality administration services to its valued third-party pension administration clients and members, as schemes increasingly seek scale and specialist capabilities.

Railpen’s third-party pension administration employees will transfer to Broadstone under the transfer of undertakings (protection of employment) regulations, to ensure the continuation of service and expertise.

Commenting on the acquisition, Railpen chief executive officer, Andy Bord, said the company was “proud” of its achievements as a third-party administration provider.

“In Broadstone, we have found a partner that provides a continued commitment to the highest levels of service to members and a strong client-partnership model,” he added.

Adding to this, Broadstone chief executive officer, Tony Gusmao, said: “We are delighted to welcome Railpen’s TPA clients and quality team to Broadstone.

“This acquisition further strengthens our position in the administration market and aligns with our growth strategy, by securing great talent and large respected clients.

“We look forward to supporting them with our full-service proposition and continued investment in innovation.”

The £34bn railways pension schemes operated by Railpen remain unaffected by the sale.

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