The Railways Pension Scheme (Railpen) has sold its third-party administration (TPA) business to Broadstone.
Railpen said the decision follows a strategic review of the evolving defined benefit (DB) pensions landscape, a landscape it said where schemes are increasingly seeking scale and specialist capabilities.
Railpen's TPA business covers more than 20 pension schemes and 110,000 members.
It said its TPA employees will transfer to Broadstone under TUPE rules.
Railpen said the £34bn railways pension schemes operated by Railpen remain unaffected by the sale.
Railpen chief executive (CEO) Andy Bord said: "We are proud of our achievements as a third-party administration provider. In Broadstone we have found a partner that provides a continued commitment to the highest levels of service to members and a strong client-partnership model."
Broadstone CEO Tony Gusmao said: "We are delighted to welcome Railpen's TPA clients and quality team to Broadstone. This acquisition further strengthens our position in the administration market and aligns with our growth strategy, by securing great talent and large respected clients. We look forward to supporting them with our full-service proposition and continued investment in innovation."
