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Capita enters annuity market with purchase

UK - Pension administration provider Capita Hartshead has acquired pension consultant and service provider Higham Dunnett Shaw.

The £15m (€22.2m) acquisition will give the firm additional consultancy expertise on the bulk annuities market, Capita said in a statement.

"This sector is becoming increasingly important," Paul Pindar, chief executive of the Capita Group, noted.

"We are confident that the acquisition will enable us to provide a full end-to-end service for clients of all sizes and achieve significant economies of scale."

He also added the companies had synergies in the Pension Protection Fund (PPF) support arena.

Higham employs around 260 staff located in several UK cities.

The company lost Russell Agius, responsible for developing Pension Protection Fund (PPF) preparation offerings, to Hewitt last month.

And in June, the Royal Borough of Kensington and Chelsea pension fund became the latest in a series of local government schemes to award a pension administration contract to Capita Hartshead.

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