XPS Pensions Group’s acquires RL Corporate Pension Services Limited
XPS Pensions Group plc (“XPS”), the UK specialist in pensions, investment and administration services, is pleased to announce their acquisition of RL Corporate Pension Services Limited (RLCPS) from The Royal London Mutual Insurance Society Limited.
RLCPS provides pensions actuarial, consulting and administration services to 150 smaller defined benefit (“DB”) pensions schemes, covering 8,000 scheme members.
The acquisition will strengthen XPS's presence in the market for provision of full services to smaller DB pension schemes.
It is in line with XPS’s continued focus to become the pre-eminent pensions consultancy in the UK, and strengthens XPS’s capability in delivering a tailored service suitable for the whole spectrum of DB schemes, from small to very large
RLCPS will be acquired for a total consideration of £4.8 million in cash upon completion and will see 46 employees transferred to XPS’s Edinburgh office.
Paul Cuff, co-CEO of XPS Pensions Group, 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.”
Isobel Langton, CEO Intermediary at Royal London, said about the transaction: “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.”