Displaying items by tag: XPS

XPS Pensions Group has bought RL Corporate Pension Services Limited from The Royal London Mutual Insurance Society. 

XPS Administration has called on pension schemes to get ready for the introduction of the Pensions Dashboard now.

Pension transfer values as measured by Xafinity SIPP owner XPS increased by nearly £5,000 during February before dropping sharply to end unchanged over the month.

Xafinity-owner XPS Pensions Group has added Susan Middleton and Julia Falk to its expanding specialist investment transitions team.

Pension transfer values, as measured by the XPS Pensions Group Transfer Value Index, fluctuated moderately during January 2019, but with no overall change over the month. 

XPS Pensions Group has made a new senior appointment at its London office.

Xafinity SIPP and SSAS Services, part of the XPS Pensions Group, has reported an increased level of activity in commercial property transactions in 2018.

XPS Pensions Group, the influential pension consulting and administration firm, has voiced its support for the government’s proposal to introduce Collective Defined Contribution pension schemes.

In November, the DWP detailed its plans for the new type of occupational pension scheme which will be subject to a 0.75% charge cap with the aim of keeping costs down. Royal Mail is already looking at introducing a CDC.
The government gave the green light last year for CDCs and plans to legislate for them in due course although critics have already warned it could take years for CDCs to arrive and they may risk fluctuating income for members in retirement because of their structure.
 
XPS says in its submission to the government on the proposal to introduce CDCs that they could provide “better outcomes” for employees than traditional DC schemes.



However, it said they may take choice away from members and present additional risks so it is “critical they are well designed and managed.”

XPS Pensions Group says there are three key areas the DWP and Pensions Regulator will need to consider to ensure the development of a successful CDC framework. These include:
 
1.      Sustainability and resilience of CDC schemes for the future
2.      How to ensure fairness of outcomes between generations
3.      Member understanding and expectation

Consultation on CDCs ended last week.
 
Jacqui Woodward, senior consultant at XPS Pensions Group said: “In our view it will be possible to develop an appropriate disclosure framework that adequately communicates CDC benefits to members. 

“However, we would caution against underestimating the risks of CDC schemes in the rush to get them established.  It is worth taking time to make sure that the new types of scheme can offer a genuine and safe alternative to members and we look forward to providing our input to further consultations on the detailed design of CDC arrangements.”

Xafinity SIPP Services has reported strong annual growth with assets under administration hitting £2bn but warns that the SIPPs sector is standing on a “precipice.”

XPS Pensions Group, owner of the Xafinity SIPP and SSAS business, is acquiring police pensions specialist Kier Pensions from Kier Business Services for £3.5m in a double deal.

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At the same time as the acquisition of Kier Pensions, the company is selling its Healthcare Consulting Business to Punter Southall Health and Protection for £1.25m in cash.

The company says the transactions will “further strengthen the company’s strategic focus.”

Kier Pensions provides third party pension admin to public sector clients, including approximately half of the police forces in the UK, according to XPS.

The deal adds to XPS’s pensions administration business, XPS Administration, and gives XPS for the first time a presence in the public sector third party administration market.

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

XPS’ Healthcare Consulting Business provides consulting services to companies involved in healthcare benefits for employees and will be sold to Punter Southall Health and Protection, a subsidiary of Punter Southall Group, for an estimated £1.25 million in cash.

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.”

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