XPS Pensions Group has agreed to acquire the business and certain assets of self-invested personal pension (Sipp) and small self-administered scheme (SSAS) provider, Michael J Field Consulting Actuaries (MJFCA).

The deal, worth up to £3.75m, was agreed with the aim of developing XPS Pensions’ self-invested pensions business.

XPS Pension said the transaction would bolster its Sipp and SSAS pension provider, trustee, and administrator arm, XPS Self Invested Pensions.

The acquisition comprises up to £2.25m upon completion and contingent consideration of up to £1.5m, funded by XPS Pensions’ cash resources.

Prior to completion, which is expected in February 2022, MJFCA will transfer key supplier contracts, conclude on employee consultations and notify the Financial Conduct Authority (FCA) in connection with the deal.

The acquisition will see the combined XPS business administer approximately 4,500 Sipps and 1,500 SSASs.

Under the terms of the deal, the MJFCA team of 22 staff will join XPS Pensions’ existing team.

Commenting on the announcement, XPS Pensions Group director of self invested pensions, Andy Bowsher, said: “We’re really excited to welcome the team from Michael J Field on board to join our growing business.

“Their specialist level of expertise complements our existing capabilities and will enable us to bring our offering of high-quality, tailored, great value Sipps and SSASs to even more clients and financial advisers.”

MJFCA founding partner, Michael J Field, added: “Becoming part of XPS Pensions Group was a natural decision for us – they share the priority that we place on providing expert, personalised support to clients to help them reach their financial goals.

“This deal puts us in the best possible position to continue to serve clients with the dedication we have for the last 40 years long into the future.”

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