Railpen transfers third-party pension administration business to Broadstone

Railpen has sold its third-party pension administration (TPA) business to Broadstone, an independent financial services consultancy. 

The decision followed a review of the defined benefit (DB) pensions market, with Railpen choosing Broadstone to take on the work as schemes seek more scale and specialist skills.

The deal covers more than 20 pension schemes and over 110,000 members across the UK. 

Railpen’s TPA employees will transfer to Broadstone under the Transfer of Undertakings (Protection of Employment) regulations (TUPE).

The £34bn railways pension schemes run by Railpen are not affected by the sale.

Andy Bord, CEO at Railpen, said: “We are proud of our achievements as a third-party administration provider. 

“In Broadstone we have found a partner that provides a continued commitment to the highest levels of service to members and a strong client-partnership model.”

Tony Gusmao, CEO at Broadstone, said: “We are delighted to welcome Railpen’s TPA clients and quality team to Broadstone. 

“This acquisition further strengthens our position in the administration market and aligns with our growth strategy, by securing great talent and large respected clients. 

“We look forward to supporting them with our full-service proposition and continued investment in innovation.”