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
|
+44 (0)20 3978 8626
+44 (0)118 918 5000
|
Canaccord Genuity (Joint Broker)
|
+44 (0)20 7523 8000
|
Adam James
|
|
Alex Orr
|
|
RBC
Capital Markets (Joint Broker)
|
+44 (0)20 7653
4000
|
James Agnew
|
|
Jamil Miah
|
|
Media Enquiries:
|
|
Camarco
|
|
Gordon Poole
|
+44 (0)20 3757 4997
|
Rosie Driscoll
|
+44 (0)20 3757 4981
|
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.