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Royal London sells corporate DB pension business to XPS

Royal London has agreed to sell its corporate DB pension services arm to pension consultants XPS.

The firms revealed this morning that XPS will acquire the entire share capital of RL Corporate Pension Services Limited – a subsidiary providing pensions actuarial, consulting and administration services to around 150 smaller defined benefit schemes – for £4.8m in cash.

The deal is expected to finalise this month.

XPS will take on 46 staff from RLCPS, who are expected to transfer to XPS’s Edinburgh office in the months after the acquisition closes.

Pensions minister: Getting tough on employers that fail DB members

RLCPS’ latest results show a pre-tax profit of £1.2m on revenues of £2.2m for the year to December 2017.

XPS says the deal, which includes existing RLCPS contracts, will both enhance its presence in Scotland and strengthen its “full service” offering to smaller defined benefit schemes.

XPS co-chief executive Paul Cuff says: “This acquisition is consistent with our strategic focus on becoming the pre-eminent pensions consultancy in the UK and improves our capability and offering 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.”

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