Paul Cuff, co-CEO of XPS Pensions Group, said:
“We are delighted to announce these two deals today. They are both consistent with our strategic focus on our core market of workplace pensions. The acquisition of the Kier Pensions Unit will add to our strength in the pensions administration market and has the potential to open up new opportunities in the public sector. Meanwhile we are pleased to find a good home for colleagues in our small Healthcare Consulting business, where we expect them to thrive in the future, whilst we focus relentlessly on what we do best.”
XPS Pensions Group plc (LON:XPS), the pensions actuarial, consulting and administration business, today announced that it has agreed to acquire the assets of Kier Pensions Unit from Kier Business Services Limited, as well as the disposal of its Healthcare Consulting Business to Punter Southall Health and Protection Limited in two transactions that will serve to further strengthen the Company’s strategic focus.
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. 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.
XPS’ Healthcare Consulting Business provides consulting services to companies in relation to the healthcare benefits they provide to employees and will be sold to Punter Southall Health and Protection Limited, a subsidiary of Punter Southall Group Limited, for an estimated total consideration of £1.25 million in cash.