Link Group has signed an agreement to acquire HS Pensions, in an effort to streamline and enhance the member experience in the UK retirement solutions and pensions market.
According to the firm, the acquisition would give Link Group’s Retirement & Superannuation Solutions division instant capabilities in core pension administration and a platform for the company’s unique member-centric engagement technology.
Around 370,000 members’ pensions are managed by HS Pensions, which also has a seasoned staff of professionals giving end-to-end pension service. With a focus on streamlining and enhancing member engagement and experience by offering cutting-edge technology for customers, Link Group’s strategy to build its UK business is well matched with its deep knowledge, service orientation, and joint DC/DB capabilities.
The deal is anticipated to close in the second half of 2022. HS Pensions will eventually be integrated into Link Group’s UK Retirement & Superannuation Solutions division. Together, the companies will handle about 1.5 million members, manage more than £4bn in assets, and employ over 200 people.
Link Group Retirement & Superannuation Solution CEO Dee McGrath says: “Our commitment to the UK pensions sector is underpinned by our investment in building our capability, technology and platform to service clients and by bringing our global experience from a proven, successful Australian business to the UK. This transaction accelerates that vision and will see two high-quality businesses integrated to simplify and improve the member experience in the UK, with significant potential for growth.”
Retirement & Superannuation Solutions UK general manager Richard Wilson says: “This is a very exciting opportunity for Link Group, HS Pensions, our collective teams and clients. Together with HS Pensions, we will provide a best-in-class DC and DB proposition to clients from our deep capability and great team, from our enhanced infrastructure and through a diversified client base. Our joint capability will enable us to support the future developments in collective defined contribution schemes too, in what will be a transformative period for the UK pension industry.”
HS Pensions CEO Steve Goddard says: “We’re delighted to have agreed this deal, which reflects very positively on the quality of the HS Pensions business and our team. We believe it’s very good news for our clients and people as it will facilitate the ongoing growth of the business while also providing Link Group with the opportunity to accelerate its UK growth plans and deliver on its ambition to modernise the member experience and wider pensions industry.”