Pension company sold out

Tommyjw

The Trustees of your Scheme pay a company to run the Scheme day to do day for them, they have changed this from Equiniti to XPS. Could be many reasons, but one would assume its down to poor performance of equiniti or costs as not much else reason to.

I have been involved in a number of similar circumstances and we would always write to all members of the Scheme,  pensioners or not, to advise of the change. Sometimes this is done through a regular newsletter if the Scheme has one. I'm not sure it is a regulatory requirement.. but would still be odd if they didn't do that, I would perhaps check if there was something sent that you didn't get just for your records 

This doesn't change your benefits, how they accrue, the value if your benefits, what death benefits etc they have, absolutely nothing changes except the company you contact if you want to retire, change your address, etc.

hyubh

Deleted_User said:

One of my pensions (albeit a fairly small one) has changed its company - from Equiniti to XPS Pensions

I was not given any prior warning - the first that I knew was a letter this morning, asking me to register on-line

Should I be concerned ?

I have never heard of XPS !

As Tommyjw says, the trustees have just decided to switch administrator. XPS actually have a larger pensions administration business than Equiniti (Equiniti also make their own software in the space and sell it to other administrators, in house and third party). For historic reasons one part of XPS' administration team licence Equiniti's software, however the larger part doesn't, so you may get a change in how statements and the member portal looks, otherwise nothing material should change.

ian16527

My old DB pension is managed by them, XPS Pensions in Newcastle. This used to be Brewer Dolphin years ago I think