Fiserv Inc. is expected to announce today its acquisition of Bankers Pension Services Inc., a Tustin, Calif., administrator of individual retirement accounts.

Bankers Pension had been under a cease-and-desist order from the Securities and Exchange Commission for operating as a broker-dealer without a license.

The Fiserv acquisition solves this problem because Bankers Pension will be merged into a Fiserv unit - Lincoln Trust Co. of Englewood, Colo. - that is authorized to engage in Bankers Pension's lines of business, according to Robert Beriault, president of Lincoln Trust.

Financial terms of the deal were not disclosed.

Bankers Pension specializes in investing in nonmarketable securities, such as real estate and limited partnerships. It administers more than $400 million of pension funds and individual retirement accounts.

When the acquisition is completed, about 6,000 accounts will be transferred to the data processing systems of Lincoln Trust.

Bankers Pension employs 30 people, all of whom will be invited early next year to make the move to Colorado. Its accounts will be transferred to Fiserv systems at that time as well.

Fiserv, which is based in Brookfield, Wis., also has a second trust unit, First Trust Corp. Lincoln and First Trust will have $18 billion of assets and handle 312,000 customer accounts between them.

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