Maximum Pension Services has acquired local pension administration services firm Bermuda Pension Services Limited, it was revealed in a Press statement yesterday.

MPS said the acquisition had been "an element of the new company's business plan but comes sooner than originally planned following the significant interest shown in Maximum Pension Services' (MPS) services after last week's announcement that it had been formed as the Island's first stand alone pension administrator ? with no bank, insurance company or trust affiliation".

Maximum chairman Paul Comesky said: "The acquisition of Bermuda Pension Services Limited is part of our strategy to increase market share in the local pension administration business through acquisitions of and mergers with companies who possess a similar vision to ours or a synergistic operation.

"I am delighted that this has happened sooner than expected owing to the amount of interest that has been shown in our offerings. This level of interest also means that we will be hiring new staff in the weeks to come."

MPS CEO Calvin White added: "We have received an overwhelming amount of interest since we first announced that we had received approval from the National Pension Commission."