JLT Employee Benefits is to acquire Ensign Pensions Administration (EPA), subject to regulatory approval.
The pensions administration firm, which employs more than 250 staff, had been part of the Merchant Navy Officers Pension Fund (MNOPF).
Mark Wood, chief executive officer of JLT Employee Benefits, said: “Following this transaction, JLT’s range of services becomes available to Ensign’s [employer] clients.”
Andrew Waring, chief executive of the MNOPF, added: “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 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 [employer] clients.”
Sue Applegarth, chairman of Ensign Pensions Administration, said: “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 [employer] clients.”