HS Admin CEO Steve Goddard says the deal will facilitate the ongoing growth of the business
Link Group is set to acquire HS Pensions as part of its ambition to simplify and improve the member experience in the UK retirement solutions and pensions sector.
The global pension solutions provider said the acquisition would deliver immediate capabilities for its retirement and superannuation solutions division in core pension administration and act as a platform for the firm's member-centric engagement technology.
HS Pensions currently administers pensions for around 370,000 defined benefit (DB) and defined contribution (DC) members.
The transaction is expected to be completed in the second half of 2022. Once completed, HS Pensions will integrate with Link Group's UK retirement and superannuation solutions business, forming a business which will service around 1.5 million members and have assets under management of over £4bn and employ approximately 200 people.
Link Group retirement and superannuation solutions chief executive Dee McGrath said: "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."
Link Group general manager of UK retirement and superannuation solutions Richard Wilson added: "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 DC schemes too, in what will be a transformative period for the UK pension industry."
HS Pensions chief executive Steve Goddard added: "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."
