Railpen, the £34bn pension scheme operator serving the UK railways sector, has sold its administration business following a strategic review.
The third-party administration unit will transfer to Broadstone, a consultancy and employee benefits company, with all staff becoming Broadstone employees.
The sale will affect more than 20 pension scheme clients and 110,000 members, including some sections of the Electricity Supply Pension Scheme that are administered by Railpen.
The administration of Railpen itself is separate and is unaffected by the sale.
Announcing the sale, Railpen said it had conducted a strategic review of its operations and “the evolving defined benefit pensions landscape”.
“As schemes increasingly seek scale and specialist capabilities, Railpen identified Broadstone as the ideal partner to continue delivering high-quality administration services to its valued [administration] clients and members,” Railpen said in a statement.
Tony Gusmao, Broadstone’s chief executive officer, added: “This acquisition further strengthens our position in the administration market and aligns with our growth strategy, by securing great talent and large respected clients. We look forward to supporting them with our full-service proposition and continued investment in innovation.”
