JLT Employee Benefits (JLT EB) has bought Ensign Pensions Administration from the Merchant Navy Officers Pension Fund (MNOPF).
Ensign employs over 250 staff in Birmingham and Leatherhead. These offices will be incorporated into JLT EB's existing network.
JLT said it had no plans to change the team at Ensign, adding the firm's chairman Sue Applegarth would remain with the business.
MNOPF chief executive Andrew Waring explained why the scheme had decided to sell its TPA operation.
He said: "In view of the imminent winding-up of the fund's old section and the new section targeting full funding in around 10 years' time, the trustee of the MNOPF reviewed its continued ownership of EPA and concluded that the time was right for the business to be acquired by a strong third party."
JLT Employee Benefits chief executive Mark Wood (pictured) said the firm had bought Ensign as part of its acquisition strategy - adding it was likely that further administration business acquisitions would be considered in future once Ensign had been fully integrated into its operations.
Wood added the deal would mean JLT could cross-sell Ensign clients other services including investment consulting, trustee services and risk management.
He explained: "Following this transaction JLT's wide range of services becomes available to Ensign clients. The combined business will be particularly strong in the bulk purchase annuity market, where JLT is the clear market leader."
Ensign chairman Sue Applegarth added: "We believe that the joining of the two organisations will deliver benefits to all our clients. JLT Employee Benefits adds scale and financial strength to our known strengths as a DB de-risking specialist renowned for our close client relationships and overall service excellence."
Ensign began more than 75 years ago as the in-house management and administration team for the MNOPF.
MNOPF began offering third party services in 1986 and since then its third party administration business, under its previous name of MNPA, has grown to become an administrator for 45 UK schemes with approximately 375,000 members.
