XPS Pensions agrees sale of NPT to SEI for up to £42.5m

XPS Pensions Group said on Friday that it has entered into an option agreement to sell XPS Pensions (Nexus) Limited - principal employer and scheme funder of the National Pensions Trust (NPT) - to SEI, for up to £42.5m.

XPS said the intention is 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 XPS will provide wide ranging services to continue to support NPT and SEI.

The transaction is subject to regulatory approval and XPS said net proceeds will be used to repay the group's debt facilities.

Co-chief executive Paul Cuff said: "We are delighted to announce the agreement we have reached with SEI, which will create a market leading master trust for the benefit of our clients and their members. Under the partnership we have agreed, both firms will be bringing the best of what we each do to continue this exciting journey.

"More widely, the XPS business continues to perform strongly in the new financial year, with continued high levels of demand for our services and confidence in our financial performance."