Trading update and Notice of General Meeting

XPS Pensions Group PLC

15 February 2024

 

15 February 2024

XPS Pensions Group plc

(the "Company")

Trading update and Notice of General Meeting

Trading update

The positive momentum from 2023 has continued into the new calendar year and January was a strong month. Given the drivers of demand commented on below, coupled with new business success such as the win in Pensions Administration of the John Lewis Partnership contract, the Group continues to be well positioned for growth in FY25 and beyond. The Group remains confident of achieving full year results for the year ending 31 March 2024 at least in line with its previously upgraded expectations and expects to carry good momentum into the next financial year.

We are continuing to see high levels of client demand for our services. In our Pensions Actuarial and Consulting business, this is in part driven by regulatory reform, including the introduction of the new General Code of Practice for pension schemes which will come into force on 27 March 2024. 

We are also continuing to work through GMP rectification projects for clients, which drives demand for services in both our Pensions Actuarial and Consulting business and in our Pensions Administration business. In Pensions Administration we are also busy supporting public sector clients through pensions rectification projects following the McCloud judgement.

We expect these drivers of demand to continue into FY25 and beyond. For example, there will be further material regulatory change with the introduction of new rules regarding how actuarial valuations should be carried out, which will affect all our defined benefit pension scheme clients.  We expect these new regulations to be introduced no later than 30 September 2024.

All of this is happening against a backdrop of continued Government consultation on a wider agenda of change that could result in more pension scheme assets being invested in 'productive finance' to benefit the growth agenda in the UK. Any changes that arise from these consultations would also likely drive high demand for consulting advice from our clients.

Notice of General Meeting

The Company announces that it has published the following shareholder documents:

-     Notice of General Meeting

-     Proxy Form for the General Meeting

The purpose of the normal course General Meeting is to seek shareholder approval of the Directors' Remuneration Policy 2024, which remains largely consistent with the previous policy but with the introduction of part deferral of bonus into shares.

These documents are available on the Company's website: https://www.xpsgroup.com/investors/shareholder-information/agms-and-general-meetings/ 

Printed copies have been posted to shareholders. Copies have been submitted to the National Storage Mechanism and are available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The General Meeting will be held at 12.00pm on Thursday 7 March 2024 at Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB.

-Ends-

For further information, contact:

XPS Pensions Group
Snehal Shah Chief Financial Officer Zoe Adlam General Counsel and Company Secretary	[phone] [phone]
Canaccord Genuity (Joint Broker)	[phone]
Adam James
Alex Orr
RBC Capital Markets (Joint Broker)	[phone]
James Agnew
Jamil Miah
Media Enquiries:
Camarco
Gordon Poole	[phone]
Rosie Driscoll	[phone]

Notes to Editors:

XPS Pensions Group is a leading pension consulting and administration business focused on UK pension schemes. XPS combines expertise, insight and technology to address the needs of over 1,500 pension schemes and their sponsoring employers on an ongoing and project basis. We undertake pensions administration for over one million members and provide advisory services to schemes and corporate sponsors in respect of schemes of all sizes, including 81 with assets over £1bn.

 

END