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June 25, 2019Royal London has sold its defined benefit (DB) pension consulting and administration service to XPS Pensions for £4.8 million.
RL Corporate Pension Services works with 150 small DB schemes with 8,000 members.
XPS Pensions said the deal, which is expected to be completed in May, would increase its presence in Scotland and boost its name in the market.
Following the acquisition of 46 RL Corporate Pension Services staff members will join XPS's Edinburgh office.