XPS Pensions Acquires Sipp Provider for £ 3.75M


XPS Pensions Group has acquired nearly £ 4 million worth of self-invested private pension provider Michael J Field Consulting Actuaries.

The transaction calls for XPS to pay £ 3.75 million, of which £ 2.25 million upon completion and £ 1.5 million if certain conditions are met.

The takeover is expected to be completed in 2022.

Michael J Field Consulting Actuaries is a Sipp and Small Self-Administration Scheme (Ssas) provider based in Manchester.

XPS says it will enable MJFCA to reach a wider range of clients and financial advisors.

Paul Cuff, Co-CEO of XPS Pensions Group, said, “We are very excited to welcome Michael J Field’s fantastic team to our growing business.

“Your expertise complements our strong and growing self-invested repurchase business and will enable us to offer our range of high-quality, tailor-made and inexpensive Ssas’s and Sipps to even more customers and financial advisors.”

MJFCA had sales of £ 1.9 million for the 12 months ended March 31, 2021.

According to XPS, MJFCA’s retail bank is similar to XPS’s existing Sipp business, which focuses on commercial real estate and “real self-investment”.

In a statement, XPS said, “The employees are experienced and tech savvy and this provides a mutual opportunity for support and synergy with the existing business. It is a valuable acquisition of a profitable and cash-generating business that is building our self-invested repurchase business in order to achieve further economies of scale and advantages for our customers. “

In March, Xafinity Sipp and Ssas, part of the XPS Pensions Group, were renamed XPS Self Invested Pensions.

XPS Pensions Group was formed three years ago after Xafinity took over the insurance and administration divisions of Punter Southall that later became XPS.

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