XPS Pensions Group has acquired Royal London Corporate Pension Services Limitied (RLCPS) from The Royal London Mutual Insurance Society Limited for £4.8m.
RLCPS provides actuarial, consulting and administration services to defined benefit pension schemes, covering 8,000 members across 150 schemes.
Royal London has said that the deal is “effective subject to the satisfaction of certain conditions”, which are expected this month (May 2019).
RLCPS currently employs 46 staff, who are expected to transfer to XPS, and will fulfil contracts that have already been agreed with RLCPS.
Commenting on the announcement, XPS co-CEO Paul Cuff, said: “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, added: “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.”
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