JLT Employee Benefits has announced the acquisition of Ensign Pensions Administration (EPA) from the Merchant Navy Officers Pension Fund (MNOPF) subject to regulatory approval.
Ensign’s origins go back more than 75 years starting life as the in-house management and administration team for the MNOPF, a major industry-wide pension fund whose members are still looked after by Ensign Pensions Group today. MNOPF began offering third party services in 1986 and since then its third party administration business, under its previous name of MNPA, has grown to become an award winning administrator for 45 UK schemes with approximately 375,000 members.
Ensign employs over 250 staff in Birmingham and Leatherhead. These offices will be incorporated into JLT EB’s existing network of offices.
Commenting on the acquisition, Mark Wood, CEO, JLT Employee Benefits, says: “Ensign has a strong reputation for customer service and an impressive list of clients. Following this transaction JLT’s wide range of services becomes available to Ensign clients. The combined business will be particularly strong in the bulk purchase annuity market, where JLT is the clear market leader.”
Andrew Waring, Chief Executive of the MNOPF comments: “In view of the imminent winding-up of the Fund’s Old Section and the New Section targeting full funding in around 10 years’ time, the Trustee of the MNOPF reviewed its continued ownership of EPA and concluded that the time was right for the business to be acquired by a strong third party. The Fund was impressed with JLT’s vision and ambition for the future and is confident that with the acquisition of EPA, JLT is the right partner to continue to deliver high quality member services both to the MNOPF and other EPA clients.”
Sue Applegarth Chairman of Ensign Pensions Administration, comments: “We are pleased that our reputation, people and profitability have enabled a successful sale to JLT Employee Benefits and we believe that the joining of the two organisations will deliver benefits to all our clients. JLT Employee Benefits adds scale and financial strength to our known strengths as a DB de-risking specialist renowned for our close client relationships and overall service excellence.”
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