Xps Pensions Group

What Xps Pensions Group does

XPS Pensions Group plc is a UK specialist pensions consultancy and administration firm listed on the London Stock Exchange (FTSE 250, ticker: LON:XPS) since 2017. It serves more than 1,300 UK pension schemes covering approximately 1.2 million members, with a particular concentration of mandates among large schemes (86 schemes with assets over £1bn advised). The company is organised around six core service lines — pensions advisory, covenant advisory, investment consulting, administration, trustee and governance services, and insurance consulting — supplemented by a growing technology and trackers portfolio and a Self Invested Pensions (SIPP/SSAS) business. The group was built primarily through seven acquisitions since IPO, including Xafinity (2017), Hazell Carr (2018), MJF (2021), Penfida (2022) and Polaris Actuaries (2025), with a further actuarial acquisition (APR) announced in 2026 to deepen insurance consulting capabilities.

The company's technology stack is anchored by proprietary platforms including XPS Xchange (a secondary-market venue for trading illiquid pension scheme assets such as private equity and private credit, which has facilitated over £330m of deals since its August 2024 launch), XPS Orbital (a real-time financial data solution for insurers), XPS Catalyst (a buyout accelerator for sub-£15m schemes) and XPS Integrated Run-On, alongside a suite of market trackers covering DB funding, DC savings, bulk annuity pricing, mortality, transfer activity and scam forensics. XPSArena, a digital learning hub with over 1,000 pensions professional users, supports thought-leadership distribution and CPD-eligible training, doubling as a marketing channel for the advisory franchise.

XPS generates revenue through professional services fees (Advisory: £150.1m in FY2026) and recurring administration and SIPP/SSAS subscriptions (Administration: £98.7m; SIP: £13.9m), with approximately 90% of revenue recurring and 91% operating cash conversion. The GTM motion is consultative and sales-led, directed at UK DB and DC pension scheme trustees, insurers and corporate sponsors, supported by industry events, content marketing and analyst coverage from six buy-rated brokers. FY2026 group revenue was £262.7m, up 13% YoY (12% organic), with adjusted diluted EPS of 22.3p.

Name

Xps Pensions Group

Legal name

XPS Pensions Group plc

Website

https://xpsgroup.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

XPS Pensions Group is a UK FTSE 250 pensions consultancy and administration firm serving more than 1,300 pension schemes and 1.2 million members across advisory, administration, trustee, covenant, investment consulting and insurance consulting services.

Ownership category

akta.pro rank

Product category

Pensions Consulting and Administration

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Employer Retirement Plan Advisory (401(k)/Pension) (FSAEABAE)

akta.pro secondary industries

Pensions & Retirement Benefits Administration (BPAIAKAA), Annuity & Insurance-Based Retirement Solutions Advisory (FSAEABAH), Digital Retirement Platforms (IRA/401(k), Pension & Decumulation) (FSAGAEAF)

Keywords

• Pensions consulting
• Actuarial services
• Pension administration
• Investment consulting
• Insurance consulting

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Advisory Services: Revenue from actuarial consulting, investment consulting, and insurance consulting services. FY2026: £150.1 million. This includes pensions advisory, covenant advisory, investment consulting, trustee and governance services, and insurance consulting following Polaris acquisition.
2. Administration Services: Revenue from pension administration services to UK pension schemes. FY2026: £98.7 million. Provides ongoing administration for defined benefit and defined contribution schemes.
3. Self Invested Pensions (SIP): Revenue from SIPP and SSAS administration services. FY2026: £13.9 million. Includes XPS SIPP, SimplySIPP, MJF SIPP, and SSAS products.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

XPS Pensions Group is a UK specialist pensions consultancy and administration firm delivering actuarial, investment, covenant, insurance, and trustee advisory services alongside ongoing pension administration for defined benefit and defined contribution schemes. The firm also operates Self Invested Personal Pension (SIPP) and Small Self Administered Scheme (SSAS) products and has developed proprietary technology platforms (XPS Xchange, XPS Orbital, XPS Catalyst, XPS Integrated Run-On) and a digital learning hub (XPSArena) to support pension scheme decision-making, de-risking, and illiquid asset trading.

Product overview

XPS Pensions Group is a UK-based pensions consulting and administration firm offering a comprehensive suite of services and technology solutions. The company operates a platform-plus-products model combining core consulting services (pensions advisory, covenant advisory, investment consulting, administration, trustee services, insurance consulting) with proprietary technology platforms including XPSArena (digital learning hub), XPS Xchange (illiquid asset trading marketplace), and XPS Orbital (real-time insurance data solution). The company also provides an extensive range of tracker and analytics tools including XPS DC:UK Savings Watch, XPS DB:UK Tracker, XPS Bulk Annuity Market Tracker, XPS Transfer Watch (with Transfer Activity Index, Transfer Value Index, and Scam Forensics sub-products), XPS Scenario Analytics, and XPS Mortality Tracker. Additional solutions include XPS Integrated Run-On and XPS Catalyst for scheme de-risking.

Differentiator

Problem solved

Functional benefit

Products and services

• Pensions Advisory Actuarial consulting, risk transfer advisory, scheme funding assessments, GMP equalisation, and de-risking strategy for UK defined benefit and defined contribution pension schemes and their trustees.
• Covenant Advisory Advisory service assessing employer covenant strength, contingent support, and strategic pension risk for sponsoring employers of UK DB pension schemes.
• Investment Consulting Investment consulting for pension schemes including fiduciary management, ESG integration, and illiquid asset strategy.
• Pension Administration Ongoing pension administration services for defined benefit and defined contribution schemes, including client communications, member servicing, and police/fire service scheme administration, covering 1.2 million members.
• Trustee and Governance Services

Quantifiable outcome

• Delivered 13% revenue growth in FY2026 with £262.7 million revenue
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature12 records

Partnerships

Two partnerships are on record, tiered core.

• Dalriada TrusteescoreStrategic or Co-development Partner · 23 July 2025Dalriada Trustees, a professional trustee services provider, uses XPS Xchange platform to facilitate illiquid asset trading for pension schemes. In June 2025, Dalriada completed a ~£5 million Private Equity holding sale through the platform, enabling efficient secondary market execution.
• APR (Actuarial Consultancy)coreStrategic or Co-development PartnerXPS announced acquisition of actuarial consultancy APR to accelerate growth of its Insurance Consulting practice. APR brings additional actuarial expertise to expand XPS's service capabilities in the insurance sector following the Polaris acquisition.

Scale indicators19 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Hymans Robertson: UK actuarial and pensions consultancy offering advisory, investment consulting, and administration to DB and DC schemes. Closest direct competitor to XPS in the UK mid-market pensions consulting space, with comparable service lines across advisory and administration.
• Isio: UK pensions and actuarial consultancy formed from Deloitte's UK pensions business, providing pensions advisory, investment consulting, and scheme administration. Direct competitor to XPS across the same UK employer-sponsored scheme advisory and administration value chain.
• Lane Clark & Peacock (LCP): UK actuarial, investment, and pensions consultancy serving DB and DC schemes with advisory, investment consulting, and analytics. Competes directly with XPS for trustee advisory mandates, actuarial valuations, and large-scheme consulting relationships.
• Barnett Waddingham: UK pensions and employee benefits consultancy offering actuarial consulting, investment consulting, and scheme administration. Direct peer to XPS across pensions advisory and administration services targeting UK DB and DC schemes.
• Broadstone: UK pensions, employee benefits, and actuarial consultancy providing advisory, investment consulting, and administration to mid-market and large schemes. Direct peer to XPS in the UK pensions advisory and administration market.
• Quantum Advisory: UK actuarial and pension scheme advisory firm focused on DB and DC scheme consulting, with trustee support and pensions administration. Specialist UK pensions peer comparable to XPS's core pensions advisory book.

Broad incumbents

• Willis Towers Watson (WTW): Global consulting, broking, and advisory firm with a substantial UK pensions practice covering actuarial, investment consulting, and administration. Broader portfolio and global scale make it a broad incumbent peer competing for the same UK scheme mandates as XPS.
• Mercer (Marsh McLennan): Global investment consulting and pensions advisory arm of Marsh McLennan with deep UK pensions practice spanning actuarial, investment, and scheme administration. Broad incumbent offering many overlapping capabilities to corporate pension schemes.
• Aon: Global advisory and brokerage firm with a UK actuarial and pensions consulting practice covering scheme advisory, investment consulting, and bulk annuity transaction support. Broad incumbent competing with XPS for corporate pension scheme mandates.

Emerging players

• Capita (Pensions): UK administration and outsourcing provider with a pension administration unit serving DB and DC schemes. Comparable to XPS's administration segment (£98.7M in FY2026), though its offerings are weighted more to administration than actuarial advisory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubegateway.on24.com/wcc/experience/eliteXPSPensionsConsultingLim/2471762/3188973/arena-landing-page
• LinkedInlinkedin.com/company/xpspensionsgroup
• Xx.com/xpsgroup

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Xps Pensions Group