JLT Employee Benefits (JLT EB) is pleased to announce the acquisition of Ensign Pensions Administration (EPA) from the Merchant Navy Officers Pension Fund (MNOPF) subject to regulatory approval.
Ensign's origins go back more than 75 years starting life as the in-house management and administration team for the MNOPF, a major industry-wide pension fund whose members are still looked after by Ensign Pensions Group today. MNOPF began offering third party services in 1986 and since then its third party administration business, under its previous name of MNPA, has grown to become an award winning administrator for 45 UK schemes with approximately 375,000 members.
Ensign employs over 250 staff in Birmingham and Leatherhead. These offices will be incorporated into JLT EB's existing network of offices.
Commenting on the acquisition, Mark Wood, CEO, JLT Employee Benefits, says: "Ensign has a strong reputation for customer service and an impressive list of clients. Following this transaction JLT's wide range of services becomes available to Ensign clients. The combined business will be particularly strong in the bulk purchase annuity market, where JLT is the clear market leader."
Andrew Waring, Chief Executive of the MNOPF comments: "In view of the imminent winding-up of the Fund's Old Section and the New Section targeting full funding in around 10 years' time, the Trustee of the MNOPF reviewed its continued ownership of EPA and concluded that the time was right for the business to be acquired by a strong third party. The Fund was impressed with JLT's vision and ambition for the future and is confident that with the acquisition of EPA, JLT is the right partner to continue to deliver high quality member services both to the MNOPF and other EPA clients."
Sue Applegarth Chairman of Ensign Pensions Administration, comments: "We are pleased that our reputation, people and profitability have enabled a successful sale to JLT Employee Benefits and we believe that the joining of the two organisations will deliver benefits to all our clients. JLT Employee Benefits adds scale and financial strength to our known strengths as a DB de-risking specialist renowned for our close client relationships and overall service excellence."
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About JLT Employee Benefits
JLT Employee Benefits is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.
JLT Employee Benefits employs over 2,200 professionals throughout the UK and in 2013 had revenues of £172m in UK & Ireland.
Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc.
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson is one of the world's largest providers of insurance and employee benefits related advice, brokerage and associated services. JLT's client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 39 territories with some 9,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
About Merchant Navy Officers Pension Fund ("MNOPF")
The MNOPF is an industry-wide pension scheme established in 1937 to allow shipping companies to provide retirement and death benefits for their officers. The Fund has won several awards in recent years for their ground breaking approach to management of Fund investment and for their de-risking of the Fund's Old Section.
About Ensign Pensions Administration ("EPA")
Ensign Pensions Administration, formerly MNPA, was formed in late 1930s as the in-house pension department of the Merchant Navy Officers Pension Fund which has owned the business ever since. Ensign Pensions Administration is a specialist administration only business and has positioned itself to be the provider of choice for mature DB schemes looking to de-risk. EPA delivers core pension's administration and pensioner payroll services to over 40 schemes from offices in Leatherhead and Birmingham, this included the delivery of strategic de-risking projects to the client base.
Ensign Pensions Administration delivers third party administration services to pension scheme trustees and their members.
Last year Ensign became first third party pension's administrator to be awarded the prestigious Pensions Administration Standards Association (PASA) accreditation for consistently high standards of administration and customer service.