Towers Watson retains top spot in UK pension consulting market by revenue
Towers Watson Limited - the UK actuarial and pensions consulting business of Willis Towers Watson - has published its 2017 annual report and accounts, revealing it had a turnover of £447.7m during the year.
The accounts - published this week - also revealed the consulting firm made a pre-tax profit of £82.6m during the 12 months to 31 December 2017.
The consultant's turnover was substantially ahead of the next two biggest firms in the market - Mercer and Aon Hewitt, which posted 2017 revenues of £384.3m and £317.6m respectively.
In its accounts, Towers Watson revealed total client chargeable hours had increased by 12% on a pro-rata monthly basis, while revenue per colleague increased to £12,200 per month, compared to £11,800 per month in the 18 month period ended 31 December 2016, an increase of 11%.
See: The UK's biggest pension consulting firms
More on Industry
Mark Stocker dies following cancer battle
The founder of Pensions Actuary Services and former Buck chief actuary Mark Stocker has died.
Five stories you may have missed this week
The top stories this week included articles on LCP’s warning that trustees will need to be corporate finance experts under new TPR powers, Livingbridge’s sale of Broadstone to Intermediate Capital Group, and the final approval of the Pension Schemes Bill....
Tender Watch: GMC scheme reappoints Aon; Homes England hires Hymans; Civil Service appoints NTT Data for CSPS and RMSPS schemes
Professional Pensions rounds up some of the latest tender awards from across the industry.
IFoA makes recommendations for improving pension trustee judgement and decision making
The Institute and Faculty of Actuaries’ (IFoA) Actuarial Research Centre (ARC) has published a report considering the judgement and decision making by pension trustees.
Have your say: Is TPR's approach to the DB funding code the correct one?
In this week’s Pensions Buzz survey we want to know whether you agree The Pensions Regulator’s approach to the defined benefit (DB) funding code is the correct one.
