Investment - Articles - XPS Pensions acquire Kier Pensions Unit

 Kier Pensions Unit provides third party pension administration services to public sector clients, including approximately half of the police forces in the UK. The acquisition adds to the continued growth of XPS’s market leading pensions administration business, XPS Administration, and gives XPS, for the first time, a significant presence in the public sector third party administration market, in addition to the Group’s already strong presence in the market for private sector pension schemes.

 The acquisition will add a number of important clients to XPS Pensions Group’s portfolio of ‘administration only’ schemes, taking the total number of members XPS administers above 800,000. In addition, 70 employees based in Middlesbrough will join the Group.

 Kier Pensions Unit, part of Kier Business Services Limited, a division of Kier Group plc will be acquired for a total consideration of up to £3.5 million in cash.

 Paul Cuff, co-CEO of XPS Pensions Group, said about the acquisition: “XPS is continuing to move towards our goal of becoming the clear differentiated alternative to the Big 3 in the pensions consultancy sector. This acquisition strengthens our leading position in the pensions administration market and gives us a strong foothold in the public sector third party administration market and enhances our regional presence. We look forward to providing our high-quality service to our new clients and welcoming our new colleagues to our Group.”

 Haydn Mursell, CEO of Keir, said about the Acquisition: “We are delighted to announce to clients and employees that Kier Pensions Unit will be joining XPS as we look to focus on our core businesses in the future. We believe that XPS has the strength and expertise which will benefit both clients and employees.”