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XPS Pensions Group surpasses one million members' pensions administered

XPS Pensions Group surpasses one million members' pensions administered

15 Nov 2022

XPS Pensions Group (XPS) now administers pensions for over one million members which is almost double the number since the acquisition of Punter Southall by Xafinity in 2018.  This membership spans defined benefit (DB) and defined contribution (DC) schemes in both the private and public sector, as well as XPS’ Master Trust; the National Pension Trust (NPT). 

The rapid increase in membership has been driven by growth in the private and public sectors. The additional membership is due to new business wins and first-time outsources, such as the Prudential Staff Pension Scheme (DB Section), Lloyd’s Register Superannuation Fund Association, BAA Pension Scheme, Mitchells & Butlers Pensions Plan and the Surrey and Sussex Police Schemes.  In addition to new appointments, XPS’ membership has grown through the acquisitions of Trigon Professional Services, the pensions advisory business of Trigon Pensions Holdings, Kier Pensions and Royal London’s defined benefit administration business.

David Watkins, Managing Director of XPS Administration, said: 

“Reaching this milestone is a testament to our talented team that consistently delivers a first-class service to members and clients, keeping them at the heart of everything we do. We are particularly proud to have achieved this growth while battling headwinds of volatile markets, the pandemic and the widespread industry and legislative change of the last few years.

“We will be keeping up momentum over the next five years by continuing to improve our administration platform, systems, and processes. Client communications is a critical part of our services, particularly as the cost-of-living crisis tightens its grip on members and they look to us for increased support on their retirement journeys.  Protecting vulnerable members through our scam protection services remains an important priority as is growing the business further and being chosen as administrator of choice for schemes of all sizes in the private and public sectors”

XPS Administration celebrated the milestone in November 2022.

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