Australia-headquartered Link Group has bought UK-based pension administrator HS Pensions for an undisclosed sum.
Via the acquisition, Link aims to “simplify and improve the member experience in the UK retirement solutions and pensions sector”.
The Australian firm first entered the UK market in 2019 when it made a strategic investment and entered into a partnership with Smart Pension.
HS Pensions administers defined contribution (DC) and defined benefit (DB) schemes, which Link said will complement its retirement and superannuation solutions division.
The deal is expected to complete in H2 2022. Once finalised, HS Pensions will integrate with Link’s UK retirement and solutions arm – a combined business with £4bn ($4.7bn, €4.7bn) in assets under management, 200 staff and 1.5 million members.
Growth acceleration
Dee McGrath, chief executive of Link Group Retirement & Superannuation Solutions, 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.”
Steve Goddard, chief executive of HS Pensions, added: “We believe it’s very good news for our clients and people as [this deal] 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.”
