XPS Pensions Group completes £42.5m sale of Nexus to SEI

XPS Pensions Group plc has successfully completed the sale of XPS Pensions (Nexus) Limited, the principal employer and scheme funder of the National Pensions Trust (NPT), to SEI. This transaction, valued at up to £42.5 million, fortifies a market-leading defined contribution proposition for employers and pension scheme members, creating a strategic partnership between XPS and SEI.

Details of the Transaction

Announced in July 2023 and subject to regulatory approvals, the deal comprises an initial consideration of £35.0 million and a deferred earn-out of up to £7.5 million, contingent on business performance over the next two years. The proceeds from the transaction will be used to partially repay XPS’s debt facilities.

Vision and Goals Behind the Deal

Paul Cuff, Co-CEO of XPS Pensions Group, emphasized the company’s commitment to ensuring the best outcomes and security in retirement for pension scheme members. He expressed excitement about the partnership with SEI, focusing on continuity of service and stability for members through pensions administration and consultancy.

Steve Charlton, Managing Director of Defined Contribution, EMEA and Asia, for SEI’s Institutional business, shared the ambition to position the SEI Master Trust as a market leader. He highlighted the recent acquisitions, including the National Pensions Trust, as steps towards achieving stability and confidence in financial futures for members.

National Pension Trust: A Leading Master Trust

Founded in 2009, NPT has established itself as a leading master trust in the UK, serving over 60,000 members.

About the SEI Master Trust

The SEI Master Trust, a comprehensive solution for employers offering defined contribution schemes, encompasses investment management, member communications, and administration. It capitalizes on SEI’s global scale and heritage as a pioneering U.K. master trust provider, offering customized solutions and a complete member journey.