TLT advises XPS Pensions Group on National Pension Trust strategic partnership

XPS Pensions Group is a leading pensions consulting and administration business focused on UK pension schemes. NPT is a defined contribution master trust, made up of many different employers who each participate in the master trust.

TLT advised XPS on all aspects of the transaction. The parties intend to create a market leading defined contribution proposition for employers and pension scheme members. The deal creates a strategic partnership between XPS and SEI, under which the SEI master trust will continue delivering best-in-class service at increased scale in partnership with NPT, whilst XPS will become a key service provider, providing high-quality pensions administration and consultancy services to NPT and SEI.

TLT advised XPS on all aspects of the disposal documentation and negotiation, with cross-service advice from the corporate, pensions, banking, tax and commercial teams. Corporate partner Alice Gardner led the deal working closely with partner Chris Crighton, who led the pensions aspects of the deal. They were supported by corporate managing associate, Luke Thorngate-Davies; corporate senior associate, Hannah Ward; corporate associate Jessie Cockhill, pensions partner Damien Garrould; pensions senior associate, Ellie Taylor; banking senior associate, Benjamin Kumordzie; tax partner, Emma Bradley; and commercial partner, Dan Read.

Lead partner, Alice Gardner commented, “We are delighted with the result for XPS and pleased to have supported in both this deal and the resulting partnership between XPS and SEI. I would like to congratulate the XPS team on the transaction, we here at TLT worked closely together with XPS to deliver the transaction. Master trusts are a growing space and as ever and this deal is a great example of how we deliver the best possible outcomes for our clients.”

Zoe Adlam, general counsel at XPS, said, “TLT’s support has meant both parties in the deal will be able to bring the best of what they do to the partnership. TLT’s team went above and beyond as legal advisors, offering excellent business advice alongside creative, timely solutions during tight timelines. We’re very pleased with the result.”

The deal constitutes a Class 2 transaction for the purposes of the FCA's Listing Rules and is expected to complete upon receipt of regulatory approval.