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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.

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.”

XPS Pensions Group, the recently enlarged SIPP, pensions and consulting business, has reported total revenue for the 12 months to March increased by 27% from £52m the previous year to £66m.
Xafinity Punter Southall has unveiled a new identity and will now operate under the XPS Pensions Group name.
Ex-KPMG partner Patrick McCoy has joined Xafinity Punter Southall as head of investment.
Xafinity Punter Southall has hired Wayne Segers as head of Punter Southall Transaction Services (PSTS).
Pension transfer values remained high during 2017, figures showed today.

Sipp provider and pensions consultant Xafinity has announced plans today to buy several divisions from rival Punter Southall Holdings for up to £153m.
Pension transfer value from the end of September to the end of October (as measured by the Xafinity Transfer Value Index) have remained relatively stable, fluctuating between £229,000 and £234,000, the company’s data shows.
Sipp and pensions admin provider Xafinity has recruited Mark Barlow from PwC to help drive the growth of the pensions business.
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