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LONDON - XPS Pensions Group plc has been selected by the Metropolitan Police Service to provide administration services for its Police Pension Scheme, according to a press release statement issued Wednesday.
The appointment, which is subject to contract, will run for more than seven years and was awarded following a competitive tendering process. XPS will deliver these services as part of a wider consortium led by DXC Technology.
The Metropolitan Police Service's pension scheme has more than 80,000 members and will become XPS's largest public sector administration client once the contract is finalized.
XPS currently provides pension administration services to over 1.2 million members across various schemes and has 47 years of experience in the sector. The company highlighted its recent work delivering the McCloud Remedy for over 38,000 members across 33 Police Forces in the UK as relevant experience for this new appointment.
"This award further strengthens our position as the leading administrator of police pensions across England and Wales," said David Watkins, Managing Director of XPS Administration, in the statement.
The company, which is listed on the FTSE 250, indicated that the transition will involve welcoming transferring staff from the current administration provider.
XPS Pensions Group provides consulting and administration services to more than 1,400 pension schemes in the UK, including 83 with assets exceeding £1 billion.
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