Capita buys pensions admin firm FPS
UK – Pensions administrator Capita Hartshead has acquired the FPS Group of Companies following “enormous change” in the UK pensions market.
FPS’s total share capital was acquired for an undisclosed sum by the pensions outsourcing arm of Capita Group Plc.
Despite a reported five-year sustained growth rate and overall service and product improvement, FPS chief executive Richard Stirrup stated that the acquisition – affective from the start of September - would provide increased security.
“The pensions market is in a period of enormous change. FPS have the skills, products and services to facilitate these changes and together with the financial and human resources of Capita Hartshead, will be able to secure our clients needs and staff’s place in the future, at the same time engaging a much wider audience.”
Approximately 150 employees from four sites will be absorbed into Capita, according to Capita spokesperson Claire Ling.
“This will increase and compliment our current services and expand our employee base. It will also strengthen our UK third-party presence.”
Capita’s managing director, Mike Addenbrooke, was “delighted” to welcome FPS onboard.
“Building on our commitment in the private sector, we are confident this acquisition will enhance our market position in this significant growth area of our business, and will enable us to provide a total benefits package within the SME market,” he said in a statement released today.
The 77-year old FPS administration and consultant group - which provides a full range of pension services to more than 200 clients across the UK and Ireland - will now operate under the Capita Hartshead banner.
These clients will be absorbed by the acquisition, and “business will continue as usual,” said Ling.
Stirrup will continue in senior management, but Capita was unable to confirm the title of his new position.
In July Capita ousted Hewitt Bacon & Woodrow as pension administrators for the RSPCA.
They were awarded a three-year contract by the Society to administer its defined benefit scheme with 2,300 members.