XPS Group

What XPS Group does

XPS Group is a UK-headquartered consulting and administration business focused on pension schemes and insurance companies. The group, listed on the London Stock Exchange Main Market as a FTSE 250 constituent (ticker: XPS) and domiciled in Reading, operates from 15 UK locations and serves more than 1,300 clients — including 86 pension schemes with assets over £1bn — with over 1 million members under administration. Its service portfolio spans pensions advisory (actuarial, scheme funding, investment consulting, covenant advisory, trustee and governance services), pension scheme administration for both DB and DC schemes, and insurance consulting for life, bulk annuity, and general insurance companies. Revenue streams are dominated by professional-services advisory fees and recurring managed-services administration revenue, supplemented by self-invested pension (SIPP/SSAS) subscription products.

The company's product surface is a mix of bespoke advisory engagements and a suite of proprietary technology tools: the XPS DB:UK Tracker, XPS DC:UK Savings Watch, XPS Bulk Annuity Market Tracker, XPS Transfer Watch (with Scam Forensics), XPS Scenario Analytics, XPS Mortality Tracker, XPS Syntax, and the XPSArena CPD platform (1,000+ professional users). Notable product launches include XPS Catalyst (an end-to-end small-scheme buyout solution launched December 2025), XPS Orbital (real-time insurer financial-data consolidation), and XPS Integrated Run-On. The technology estate is built on On24 for XPSArena and processes structured scheme data via the tracker portfolio; there is no public-facing API or SDK. XPS Investment Limited and XPS SIPP Services Limited are FCA-authorised (refs 528774 and 461791), supporting regulated investment and SIPP services.

XPS pursues a dual organic-plus-inorganic growth model. Reported FY2026 revenue (12 months to 31 March 2026) was £262.7m, up 13% year-on-year — the fourth consecutive year of double-digit growth — with advisory revenue of £150.1m (up 20%) and EBITDA of £75.7m. Distribution is direct enterprise field sales from 15 UK offices, supplemented by events, webinars, thought-leadership content, and the XPSArena learning hub. The group has executed two material acquisitions in roughly 16 months — Polaris Actuaries and Consultants Ltd (completed February 2025) and Austin Professional Resourcing LLP (announced June 2026, expected completion ~31 July 2026) — to double its stated total addressable market to over £6bn and accelerate entry into insurance consulting. Leadership includes Co-CEOs Paul Cuff and Ben Bramhall, and Head of Insurance Consulting David Honour (ex-PwC).

Name

XPS Group

Legal name

XPS Pensions Consulting Limited

Website

https://xpsgroup.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

XPS Group is a UK-based, FTSE 250-listed consulting and administration firm serving more than 1,300 pension schemes and insurance companies across 15 UK offices, providing actuarial advisory, scheme administration, covenant assessment, trustee services, and a portfolio of proprietary market trackers, generating £262.7m of FY2026 revenue.

Ownership category

akta.pro rank

Product category

Pension Consulting and Administration

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Insurance and Employee Benefit Funds (5251), Pension Funds (525110)

SIC

Investment Advice (6282), Insurance Agents, Brokers & Service (6411), Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Retirement Plan Participant Advice & Managed Accounts (FSAEABAF)

akta.pro secondary industries

Employee Benefit & Retirement Plan Trust Services (FSAAANAC), Benefits Administration & Enrollment Support (BPAAAIAB)

Keywords

• Pension consulting
• Actuarial services
• Pension administration
• Insurance consulting
• Employee benefits

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices15 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Pensions Advisory: Advisory services to pension schemes including actuarial consulting, scheme funding, investment consulting, and risk transfer advisory. Revenue of £150.1m for FY2026 with 20% growth year-on-year.
2. Administration Services: Pension scheme administration services providing ongoing management of defined benefit and defined contribution schemes, including member administration, benefits processing, and scheme reporting.
3. Insurance Consulting: Consulting services to insurance companies in the life and bulk annuities sector, including financial transformation, enterprise risk management, and actuarial services. Expanded through acquisitions of Polaris and APR.
4. Trustee and Governance Services: Governance support and trustee services including trustee training, compliance monitoring, and scheme governance frameworks.
5. Covenant Advisory: Advisory services assessing employer covenant strength for pension scheme funding and risk management purposes.
6. DB Master Trust: Master trust arrangement for defined benefit pension schemes providing pooled governance and administration infrastructure.
7. Self Invested Pensions (SIPP/SSAS): Self-directed pension products including SIPPs and small self-administered schemes (SSAS) for individual pension planning.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels8 records

Core offering

XPS Group provides specialist pensions advisory, actuarial, and administration services to UK defined benefit (DB) and defined contribution (DC) schemes, corporate sponsors, and insurance companies. It also offers insurance consulting services and direct-to-individual self-invested personal pension (SIPP) and small self-administered scheme (SSAS) administration.

Product overview

XPS Group is a UK consulting and administration business specializing in pensions and insurance sectors, organized as a platform-plus-services model. The core offering comprises advisory services (Pensions Advisory, Investment Consulting, Covenant Advisory, Trustee and Governance Services) and administration services for pension schemes, complemented by an expanding Insurance Consulting practice. The technology portfolio includes specialized trackers and analytics tools (XPS DB:UK Tracker, XPS DC:UK Savings Watch, XPS Transfer Watch with Scam Forensics, XPS Bulk Annuity Market Tracker, XPS Scenario Analytics, XPS Mortality Tracker, XPS Syntax) that provide benchmarking and monitoring capabilities. Notable product launches include XPS Catalyst (accelerating buyouts for sub-£15m DB schemes), XPS Orbital (real-time insurer data solution), and XPS Integrated Run-On (DB run-on delivery). The acquisition of APR Actuarial Solutions in 2026 expanded the insurance consulting practice. XPSArena serves as the digital learning and CPD platform. XPS Group operates from 15 UK locations serving over 1,300 clients with one million+ members under administration.

Differentiator

Problem solved

Functional benefit

Products and services

• Pensions Advisory Services
• Pension Scheme Administration
• Insurance Consulting
• SIPP and SSAS Administration

Quantifiable outcome

• XPS Catalyst enables DB schemes to be onboarded in as little as five weeks and secure buyout within three months
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability3 records

Feature12 records

Partnerships

Two partnerships are on record, tiered core.

• Austin Professional Resourcing LLP (APR)coreStrategic or Co-development Partner · 26 June 2026XPS Group agreed to acquire APR, a London-headquartered actuarial consultancy with 70 client-facing employees. APR generates revenues of £10.7m and serves over 45 insurers and financial sector clients including most of the UK's top 10 insurers. The transaction involves cash consideration of £3.3m on completion plus contingent payments of up to £10m, expected to complete around 31 July 2026. The acquisition doubles XPS Group's total addressable market to over £6bn and accelerates diversification into insurance consulting market.
• David HonourcoreOthers · 1 October 2024David Honour appointed as Head of Insurance Consulting effective 1st October 2024. David joined from PwC where he was a Partner leading the insurance consulting business within the Risk Modelling Service practice. This appointment represents a significant step in broadening XPS's consulting expertise and expanding its influence in the insurance sector.

Scale indicators13 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Willis Towers Watson (WTW): Global advisory, broking and solutions firm. Overlaps with XPS in UK actuarial consulting, pensions administration and investment consulting but offers a much broader insurance and risk portfolio.
• Mercer: Global consulting leader within Marsh McLennan. Competes with XPS across UK pensions advisory, investment consulting and pension administration as part of a much broader HR and benefits portfolio.
• Deloitte: Global Big Four professional services firm. Competes with XPS in actuarial consulting, pension scheme advisory, risk modelling and insurance consulting as part of its wider audit and consulting franchise.
• PwC: Global Big Four professional services firm. Direct competitor in UK actuarial and insurance consulting — XPS specifically hired David Honour from PwC's Risk Modelling Service to lead its insurance practice.
• Aon: Global professional services firm. Competes with XPS across pensions, investment and insurance consulting in the UK as part of a much larger risk and human capital portfolio.

Direct peers

• Broadstone: UK pensions, employee benefits and investment consulting firm. Direct competitor in pensions advisory, administration and investment consulting for mid-market UK schemes.
• Barnett Waddingham: Independent UK pensions, investment and insurance consulting firm. Competes directly with XPS in actuarial consulting, scheme administration, investment consulting and bulk annuity advisory for UK DB schemes.
• Hymans Robertson: UK-headquartered actuarial, pensions and risk consulting firm. Direct competitor to XPS across defined benefit advisory, pensions administration, investment consulting and trustee support, with comparable scale and UK-only footprint.
• Lane Clark & Peacock (LCP): Independent UK actuarial and consulting firm serving pension schemes, insurers and corporates. Competes directly with XPS in pensions advisory, investment consulting, covenant advisory and insurance consulting.
• Isio: UK pensions and benefits consulting firm formed from PwC's actuarial practice. Direct competitor to XPS across DB scheme advisory, pension administration and investment consulting.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/xpspensionsgroup
• Xx.com/xpsgroup

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Group