What Spence & Partners does

Spence & Partners Limited is a privately held UK pension consulting, actuarial, and administration firm founded in 2000 and headquartered in Belfast, Northern Ireland, with a registered office serving clients across the entire United Kingdom. The company employs 104 dedicated specialists across actuarial, administration, governance, investment, and risk transfer disciplines, operating within the 3173 Group alongside sister entities Dalriada Trustees Limited (professional trustees), Mantle Hosting Limited (technology platform), and Mantle Services Limited (shared services). Spence is one of only four firms on the Pension Protection Fund (PPF) Special Administration and Actuarial Services Panel, having transferred over 150 schemes to the PPF or Financial Assistance Scheme.

The firm's core technology is Mantle, a proprietary, cloud-based integrated platform developed by sister company Mantle Hosting Limited that handles pensions administration, actuarial valuations, investment reporting, and accounting in a single system with 100% automated benefit calculations and daily-updated funding and liability positions. Built on this platform are additional product offerings including PODS (Pension Outsourced Data Service), My Pocket Pension (member-facing smartphone app and web portal), and the Endgame Tool (self-service endgame strategy planning). Spence is authorised and regulated by the Financial Conduct Authority and serves five primary customer segments: pension scheme trustees, employers (corporate advisory), charities and not-for-profit organisations, LGPS employers and funds, and insurers/BPA providers entering the bulk purchase annuity market.

Spence generates revenue through professional services fees for actuarial, administration, governance, investment consulting, and risk transfer advisory work delivered on project and ongoing retainer bases. No public pricing is disclosed; fees are negotiated per engagement with multi-year contract cadence, typically reflecting scheme size and complexity. The firm employs an enterprise field sales motion complemented by thought leadership content, industry conference sponsorships (notably the PMI End Game Solutions Conference), research benchmarking reports, webinars, and a segmented website contact form. All sub-processors are ISO 27001:2013 accredited, and the company operates exclusively in the United Kingdom with no disclosed external venture capital or private equity investment.

Name

Spence & Partners

Legal name

Spence & Partners Limited

Website

https://spenceandpartners.co.uk

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

Spence & Partners is a UK pension consulting, actuarial, and administration firm serving trustees, employers, charities, LGPS funds, and insurers. It operates the proprietary Mantle platform for fully automated benefit calculations and real-time valuations, supported by 104 specialists across the UK.

Ownership category

akta.pro rank

Product category

Pension Consulting and Actuarial Services

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Portfolio Management and Investment Advice (523940), Insurance Agencies and Brokerages (524210)

SIC

Services-Management Consulting Services (8742), Investment Advice (6282), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

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

akta.pro secondary industries

Benefits Administration & Enrollment Support (BPAAAIAB), Employee Benefits Brokerage & Consulting (FSAEADAC)

Keywords

• Pension consulting
• Actuarial services
• Pension administration
• Risk transfer advisory
• Investment consulting

Headquarters

HQ city

Belfast

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Professional Services (Pension Consulting): Spence generates revenue through fees for actuarial, administration, governance, investment consulting, and risk transfer advisory services delivered to pension scheme trustees, employers, and insurers. Services are provided on a project and ongoing retainer basis.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Spence & Partners provides pension consulting, actuarial, administration, governance, investment, and risk transfer services to trustees, employers, charities, LGPS funds, and insurers across the United Kingdom. Its offering is delivered through the proprietary Mantle platform, which integrates administration, actuarial valuations, investment reporting, and accounting into a single automated system with 100% benefit calculation automation and real-time liability positions. Complementary products include the My Pocket Pension member app, the PODS data management service, and the Endgame Tool for DB strategy planning.

Product overview

Spence & Partners offers a portfolio of pension consultancy, actuarial, administration, and data services. At its core is the Mantle platform — a single integrated system handling pensions administration, payroll, accounts, actuarial valuations, and real-time pricing. This platform powers or interconnects with multiple named products and services: PODS (Pension Outsourced Data Service) for standalone data projects; My Pocket Pension for member self-service via app and web portal; the Endgame Tool for strategy planning; and the full range of trustee services (administration, actuarial, governance, investment, risk transfer, PPF services, and Pension Dashboards). Spence also serves specific sectors including LGPS employers and funds, charities and not-for-profit organisations, and insurers. The company positions itself as a technology-driven firm where the Mantle platform underpins service delivery across all areas.

Differentiator

Problem solved

Functional benefit

Brands

• My Pocket Pension: Smartphone app for pension members providing live transfer values, personalized scenarios, scheme document access, and SMS messaging/push notifications
• PODS (Pension Outsourced Data Service)
• Mantle

Products and services

• Trustee Administration Modern pension scheme administration combining the Mantle platform with experienced administrators, featuring fully automated benefit calculations, real-time data, and the My Pocket Pension app for member engagement. Targeted at UK DB and DC pension scheme trustees.
• Actuarial Services Real-time actuarial services including triennial valuations, regular funding updates, membership information, daily transfer values, and member options processing, delivered through the integrated Mantle platform. Targeted at UK pension scheme trustees and employers.
• Governance Services Governance systems and secretarial support for trustees, including meeting coordination, minute taking, project management, conflict management, and an e-governance solution using Microsoft Teams as a document hub. Targeted at UK DB/DC scheme trustees.
• Investment Services Investment consulting covering strategy setting, compliance, active management, and day-to-day support including cashflow and re-balancing advice, plus fiduciary management oversight for independent evaluation of fiduciary managers. Targeted at UK pension scheme trustees.
• Risk Transfer Services Risk transfer advisory including traditional insurance solutions (buy-in, buy-out), endgame planning, and consolidator options, backed by quality data, benefit audits, and real-time pricing through the Mantle platform. Targeted at UK DB scheme trustees and sponsors.
• PPF Services Specialist guidance for pension schemes during employer insolvency and PPF Assessment Periods, including data reviews, benefit audits, and contingency planning. Spence is a PPF panel firm with over 15 years of experience transferring over 150 schemes to the PPF. Targeted at trustees facing employer insolvency.
• Pension Dashboards Readiness and Connection Service Readiness and connection service ensuring UK pension schemes comply with Pensions Dashboards requirements, including full benefit coding, data and benefit audit, rectification work, and seamless connection to the dashboards ecosystem. Targeted at UK scheme trustees and administrators.
• Pension Outsourced Data Service (PODS) Standalone automated data management solution for defined benefit pension schemes covering data checking, data improvement, benefit audits, benefit rectification, GMP rectification and equalisation, and Pensions Dashboard readiness. Targeted at UK DB scheme trustees and administrators.
• LGPS Services Advisory and operational services for Local Government Pension Scheme employers and administering authorities, covering contribution negotiations, funding strategies, exit credits, McCloud/Backlog projects, and fiduciary oversight. Targeted at LGPS employers and administering authorities.
• Charity and Not-for-Profit Pension Services Specialist support for charities and not-for-profit organisations managing DB pension schemes or participation in multi-employer schemes (LGPS, TPT, USS), including funding negotiations, governance reviews, endgame planning, and exit strategies. Targeted at UK charities and NfPs.
• Insurer Services (BPA / Risk Transfer) Comprehensive solutions for insurers operating in the Risk Transfer market, leveraging the Mantle platform for streamlined pricing, administration, and valuations, including a 'boxed' solution for new BPA market entrants. Targeted at UK life insurers and bulk annuity providers.
• Mantle Platform Integrated actuarial and administration platform that handles 100% of benefit calculations, generates individual member cashflows, actuarial valuations, and accounting values daily in real time. Serves as the single unified system powering Spence's pension services across pricing, administration, and valuations.
• My Pocket Pension Smartphone app and web portal providing pension scheme members with live transfer values refreshed daily, personalised retirement scenarios, direct messaging with administrators, scheme document access, and SMS/push notifications.
• Endgame Tool Online self-service tool for trustees and sponsors of private sector Defined Benefit pension schemes in the UK to develop, monitor, and update endgame strategies, covering scheme size, funding, data/operations, and corporate drivers.
• Corporate Advisory Service Corporate Advisory Practice helping employers understand pension scheme risks, costs, and management options; covers DB endgame planning, risk transfer, surplus management, governance reviews, transaction support, M&A due diligence, and pension accounting/disclosures. Targeted at UK employers sponsoring DB/DC schemes.

Quantifiable outcome

• Up to 30% reduction in DB running costs achievable through simplified governance and technology adoption
• +5 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature7 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Pension Protection Fund (PPF)coreStrategic or Co-development PartnerSpence is one of four firms on the PPF Special Administration and Actuarial Services Panel. In this capacity, Spence assists pension schemes during employer insolvency and the PPF Assessment Period for entry to the PPF. The firm has played a leading role in transferring over 150 schemes to the PPF or its precursor the Financial Assistance Scheme (FAS).
• 3173 Group (3173 Limited, Dalriada Trustees Limited, Mantle Hosting Limited, Mantle Services Limited)coreStrategic or Co-development PartnerSpence is part of the 3173 Group of companies, which includes Dalriada Trustees Limited (professional trustee services), Mantle Hosting Limited (pensions administration platform), and Mantle Services Limited. These sister companies provide integrated services that Spence leverages to deliver its full-service pension offering. Spence does not share personal data with companies outside this group.
• The Pensions Regulator (TPR)coreStrategic or Co-development PartnerSpence has strong and long-standing regulatory relationships with the Pensions Regulator, collaborating on pension scheme governance, compliance, and the evolving regulatory landscape. The firm is also a PPF panel member, working closely with the Regulator on scheme oversight matters.
• Pensions Management Institute (PMI)minorGTM or Marketing PartnerSpence & Partners is a proud sponsor of the PMI End Game Solutions Conference, the inaugural event specifically designed for trustees and CFOs managing smaller DB schemes. CEO Bill Galvin welcomed attendees and Spence specialists spoke in multiple sessions at the event.
• Excalibur ActuariesminorChannel Partner/ Reseller/ DistributorSpence refers individual members seeking divorce-related pension advice to Excalibur Actuaries, which specialises in this type of work. This is a referral relationship where Spence does not provide the service directly.
• Mantle Hosting LimitedcoreTechnology or IntegrationMantle Hosting Limited provides the fully automated and integrated pensions administration, payroll and accounts platform (Mantle) used by Spence. This is a core technology dependency within the 3173 Group ecosystem, enabling Spence's integrated actuarial and administration services.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• XPS Pensions Group: XPS is a UK-listed pensions consulting and administration group offering actuarial, administration, investment consulting, and trustee services to DB and DC schemes. Directly comparable to Spence in service breadth and DB-focused mid-market positioning.
• Isio: Isio is a UK pensions consultancy formed from the Big Four pensions practices, offering actuarial, investment, administration, and risk transfer advisory services. Closely comparable to Spence on service mix and DB scheme focus.
• Barnett Waddingham: Barnett Waddingham is a major UK partnership providing actuarial, administration, investment, and consulting services to DB and DC pension schemes. A direct competitor to Spence across trustee, employer, and scheme administration workstreams.
• Broadstone: Broadstone is a UK pensions, employee benefits, and investment consulting firm serving DB and DC schemes. Comparable to Spence in mid-market positioning and integrated advisory and administration services.
• Hymans Robertson: Hymans Robertson is a leading UK actuarial and pensions consultancy with deep DB expertise and significant public-sector scheme presence. Spence's Charity/Corporate Advisory lead joined from Hymans, underscoring direct competition for talent and clients.

Broad incumbents

• Mercer: Mercer is a global consulting leader with a large UK pensions practice spanning actuarial, investment, risk transfer, and DC services. Competes with Spence for mid- and large-market UK scheme work as part of a broader HR and wealth portfolio.
• Capita Pension Solutions: Capita is a large UK-based outsourcer with a pensions administration business serving DB and DC schemes. Overlaps with Spence on administration services and competes on scale, particularly for larger, process-heavy mandates.
• Aon: Aon's UK Retirement practice provides actuarial, investment, administration, and risk transfer consulting to DB and DC schemes. A broad incumbent competing across the full range of Spence's service lines, particularly on larger schemes.
• Willis Towers Watson: WTW offers global actuarial, investment, and pensions administration services with strong UK DB credentials. Competes with Spence on trustee advisory, risk transfer, and large corporate scheme mandates as part of a diversified consulting business.

Emerging players

• Dalriada Trustees: Dalriada Trustees is a UK professional independent trustee firm and a sister company within the 3173 Group. While part of the same group as Spence, it also competes in the broader professional trustee market, providing an adjacent comparison point.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/spencepartners

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Spence & Partners