The revenue of the three biggest pension consultancy firms in the UK fell slightly in 2019, dropping from £1.16bn in 2018 to £1.14bn in 2019.
PP's analysis of company accounts revealed the main UK pensions entity of Willis Towers Watson - Towers Watson Limited - saw an increase in turnover from £463.7m in 2018 to £468.8m in 2019.
Mercer posted a slight decline in revenue from its UK arm - Mercer Limited - seeing revenue falling from £388m in 2018 to £380m in 2019, something it was driven primarily by the reduction in sales of its wealth business.
However, Mercer's 2019 figures exclude the contribution from JLT Employee Benefits, which was acquired as part of it's parent firm's purchase of JLT in April 2019. Turnover figures for JLT's pension consulting business for 2019 are yet to be published.
Aon's UK business - Aon Solutions UK Limited - also saw a slight fall in revenue, from £304.7m to £294.6m, a decline it attributed to the timing of services provided and the sale of part of its human capital solutions business to Spencer Stuart on 1 July last year.
2019 revenue numbers are also still to be published for Capita Employee Benefits but the next biggest four firms - Lane Clark & Peacock (LCP), XPS Pensions Group, Barnett Waddingham and Hymans Robertson - all posted strong revenue growth, although had different year end dates to the big three consultancies, which all report on 31 December.
LCP saw its revenue rise from £105.9m in the 12 months to 31/03/2018 to £114.9m in the year to the end of March this year.
XPS Pensions Group, which has just reported its 2020 numbers, saw its turnover rise from £109.9m in the year to 31 March 2019 to £119.8m in the year to 31 March 2020.
Barnett Waddingham posted a sharp rise in revenue from £84.5m the previous year to £99.3m in the year ending 31 May 2019.
And Hymans Robertson saw its revenue increase from £81.7m in the year to the end of March 2018 to £85.3m in the year to the end of March 2019.
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
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