XPS Pensions Group PLC XPS completes the sale of NPT to SEI (0468U)
21 November 2023 - 8:00AM
UK Regulatory
TIDMXPS
RNS Number : 0468U
XPS Pensions Group PLC
21 November 2023
21 Nov 2023
XPS Pensions Group plc
("XPS" or the "Group")
XPS completes the sale of National Pensions Trust to SEI
XPS Pensions Group plc is pleased to announce that following
receipt of necessary regulatory approvals, it has completed the
sale of XPS Pensions (Nexus) Limited, principal employer and scheme
funder of the National Pensions Trust (" NPT "), to SEI(R) (the
"Transaction" ) creating a market leading defined contribution
proposition for employers and pension scheme members. The deal
creates a strategic partnership between XPS and SEI, under which
XPS will provide wide ranging services to continue to support NPT
and SEI.
The Transaction was announced in July 2023 with completion
subject to regulatory approvals. The total cash consideration
payable to XPS is up to GBP42.5 million, comprising of GBP35.0
million initial consideration upon completion and deferred earn-out
consideration of up to GBP7.5 million based on business performance
over two years after completion. Proceeds from the Transaction will
be used to partially repay the Group's debt facilities.
Commenting on the Transaction:
Paul Cuff, Co-CEO of XPS Pensions Group, said:
"Everything we do is centered around helping members of pension
schemes receive the best outcomes and security in retirement. This
goal has underpinned the operation of National Pensions Trust for
many years, and it is a high-quality master trust that serves our
clients, and most importantly, the members, very well.
"Against the backdrop of an evolving and consolidating market,
we have sought a long-term strategic partner with whom we can each
bring the best of what we do. We're excited to continue supporting
members with pensions administration and consultancy through our
strategic partnership with SEI-reinforcing our shared commitment to
ensuring continuity of service and stability for members."
Steve Charlton, Managing Director of Defined Contribution, EMEA
and Asia, for SEI's Institutional business, said:
"Two years ago we shared our ambition for the SEI Master Trust
to become the market-leading master trust with the size and scale
to deliver stability and help members be more confident that their
financial futures are secure. We believe our acquisitions of the
National Pensions Trust and the Atlas Master Trust in 2021 bring us
closer to those goals.
"Industry consolidation, supported by the Pensions Regulator,
reduces the number of smaller and sometimes less resilient schemes,
bringing greater stability to the pensions landscape. Greater
stability can strengthen propositions, and we believe our
proposition has gone from strength to strength. Employers choosing
the SEI Master Trust and their employees will benefit from this
greater stability.
"We're thrilled to welcome the NPT colleagues and a trustee to
the SEI team. We also look forward to working with XPS in serving
our collective clients and delivering high-quality administration,
improved investment outcomes, and confidence for members that we
are here to stay."
About National Pension Trust
Founded in 2009, NPT is a leading master trust in the UK with
over 60,000 members.
About the SEI Master Trust
The SEI Master Trust provides an end-to-end solution for
employers delivering defined contribution (DC) schemes. An
independently-assured DC provision, the SEI Master Trust
encompasses investment management, member communications, and
administration. It also utilises a manager-of-managers program
established more than 25 years ago and overseen by more than 125
in-house investment experts. With its global scale and more than
15-year heritage as one of the first commercial U.K. master trust
providers, the SEI Master Trust offers customised solutions and a
complete member journey, guiding members through retirement and
beyond.
Enquiries:
XPS Pensions Group
Snehal Shah, Chief Financial Officer +44 (0)20 3978 8626
Paul Cuff, Co CEO +44 (0)20 3978 8625
Canaccord Genuity (Joint Broker)
Adam James +44 (0)20 7523 8000
Alex Orr
RBC Capital Markets (Joint Broker)
James Agnew +44 (0)20 7653 4000
Jamil Miah
Media Enquiries
Camarco
Gordon Poole +44 (0)20 3757 4997
Rosie Driscoll +44 (0)20 3757 4981
Notes to Editors:
XPS Pensions Group is a leading pension consulting and
administration business focussed on UK pension schemes. XPS
combines expertise, insight and technology to address the needs of
over 1,500 pension schemes and their sponsoring employers on an
ongoing and project basis. We undertake pensions administration for
over 1 million members and provide advisory services to schemes and
corporate sponsors in respect of schemes of all sizes, including 81
with assets over GBP1bn.
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