Business model

Creating value through our unique business model

Our focused model, combined with our blend of scale and long-term capital backing, is a source of competitive advantage that benefits all of our stakeholders.

We are a UK-focused specialist in pensions actuarial and investment consulting and administration, providing a range of services and solutions to over 1,500 pension scheme clients. We also operate a fully authorised defined contribution master trust, the National Pension Trust, and provide administration to SIPPs. Our 1,300+ people work from 15 locations around the UK.

We work with pension scheme trustees, sponsoring employers and pension scheme members, with schemes ranging in size from less than £20m in assets to multi-billion pound pension funds.

We charge fixed fees for ongoing administration and advisory services combined with time-based fees for consulting advice and one-off projects. We work with clients on the basis of open-ended engagement letters. Many of the services we provide are essential, non-discretionary requirements for UK pension schemes, required on a repeating basis to a statutory timetable. As such, much of our revenue is independent of the economic cycle.

More than 90% of our revenues are recurring and we have a loyal base of clients who have worked with us over many years.

Revenue is defined as recurring if it was received from a client that had been billed every month (or every quarter) consecutively for the previous 12 months over the period to 31 March 2021. For won and lost clients the revenue is defined as recurring if it meets the above criteria for the period they were a client.

  • Pure focus on the UK pensions market
  • Expert people and empowering culture
  • Scalable, proprietary technology platform
  • Longstanding client relationships
  • Strong, award-winning brand


  • Specialist insight and expertise leading to better outcomes
  • Quality of service and efficiency through our technology platform
  • Value for money


  • Stimulating working environment and attractive career prospects
  • First-class training and support towards professional qualifications
  • Competitive remuneration and benefits


  • Strong cash generation and dividends. More than £44m paid in dividends since listing in 2017
  • Track record of growth
  • Non-cyclical demand for services


  • Employee involvement in fundraising and volunteering
  • Positive impact on communities by supporting local charities

Regulators and suppliers:

  • Establishing open and fair relationships
  • Regular engagement and communication