OUR ACCOUNTS

Impact

Introduction

Purpose

Relationships

Solutions

Future

Finances

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Barnett Waddingham Annual Report 2023 | 2024 1 June 2023 - 31 May 2024

Empowering people to secure better futures

Throughout the 2023/24 financial year, our success was fuelled by empowering our people to put clients first and give back to our communities. This ethos has fostered a culture where care, commitment, and innovation thrive, allowing us to secure a better future together.

Introduction

Throughout the 2023/24 financial year, our success was fuelled by empowering our people to put clients first and give back to our communities. This ethos has fostered a culture where care, commitment, and innovation thrive, allowing us to secure a better future together.

Andrew 

“Looking back at the last year, it's clear that our shared purpose and behaviours haven’t just guided us to success, they have made Barnett Waddingham a truly exceptional place to work.”

Andrew Vaughan

Senior Partner

Purpose-driven success

Our purpose “to empower people to secure better futures” has consistently been our 'north star' as we navigate in a rapidly evolving industry. Throughout the year, we’ve focused our efforts on fostering a human-centred approach, where every decision is made with the wellbeing of our people, clients, and communities in mind. Whether in the development of Clarity from BW, our powerful technology suite, or our ongoing commitment to diversity, equity, and inclusion, we are ensuring that our actions align with our behaviours. This approach has driven our success and fuelled our growth, helping us to achieve 10% fully organic growth over the year and reach an income of £160 million.

Empowering people and businesses

Of course, at the heart of our success are our people. Over 80% of them participated in leadership workshops, facilitated sessions, and our employee survey, demonstrating their commitment to making our business a successful, rewarding and inclusive place to work. We continued to invest in their growth and development, creating an environment where everyone can reach their full potential. 
By fostering a culture of continuous learning and innovation and 
the introduction of initiatives like our integrated finance and HR platform, BW Go, we’ve empowered our people to make informed decisions that positively impact their careers and wellbeing.


Meanwhile, important initiatives like our
Employer DNA campaign, have empowered businesses to leverage their unique strengths, turning data into actionable insights that drive real transformation.

Building relationships and delivering impact

Our commitment to building deep, meaningful relationships with our clients has never been stronger. Through our annual 
DB Pensions Conference
and wider thought leadership initiatives, we’ve provided insights that help clients navigate complex challenges with confidence. These efforts are underpinned by our three core mindsets: building relationships, finding solutions, and delivering impact. By staying curious, challenging constructively, and driving progress, we ensure that we not only meet but go beyond the expectations of all our clients.

A bright future ahead

Looking to the future, we remain committed to our purpose and behaviours. Together, we will continue to make a positive impact - one relationship, one solution, and one impactful decision at a time. 

Barnett Waddingham is so much more than 
a firm; we’re a community that’s dedicated 
to making a difference. Together, we’re immensely proud of what we have achieved this year and excited for the journey ahead.”

Elizab

Elizabeth Renshaw-Ames

Non-Executive Chair

David Stod

David Stoddard

Managing Partner for Strategy and Transformation

Striving to be both a sustainable and thriving business has clear benefits for both our clients and people - it enables us to make informed long-term investments to deliver value, maintain high-quality standards, and foster an environment, where both clients and our people can achieve their goals together."

Building the future, today

Everything we’ve achieved across the last 12 months is the result of our clear business strategy that shapes everything we do and will continue to guide us into the future. 

Our purpose, which is to empower people to secure better futures, is our ‘north star’ as a business. For our people, this is about helping them to achieve their potential in their careers, develop their skills and enhance their ways of working, all in a positive and supportive environment. For our clients, it’s about helping and enabling them achieve their aspirations and goals through exceptional service, the expertise of our dedicated people, and a focus on driving continuous improvement, through perennially challenging ourselves to be better every day to deliver lasting value.

Underpinning our purpose is our enduring long-term ethos which defines what type of business we want to be: a sustainable and thriving client and people-focused firm. This is built upon on our unique two core strengths. Firstly, our commitment to maintaining market-leading levels of client service and reputation, and secondly our focus on our people, with an emphasis on our supportive and inclusive working culture. This strength is evidenced by the fact that we have again been named as one
of the Top 100 Best Large Companies to Work for in the UK.

Striving to be both a sustainable and thriving business has clear benefits for both our clients and people - it enables us to make informed long-term investments to deliver value, maintain high-quality standards, and foster an environment where both clients and our people can achieve their goals together. 

Our core strategy ensures that we support our clients by providing them with smart tools and expert insights that help them to tackle challenges and maximise opportunities. For our people, it’s about becoming the go-to firm for people to join, stay and build their careers and maximise their potential so that they can serve our clients better. More widely, we seek to continue our proud history of over 35 years organic growth, and continue to invest in new wider areas where we can expand our services to serve our clients more broadly to help them achieve their aspirations.

As we look to the future, we will remain committed our purpose and long-term ethos by successfully executing our strategy through our mindset of doing the right thing by building deeper relationships, finding solutions and delivering impact.

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Our purpose

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Building relationships

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Finding solutions

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Our purpose

empowering people to secure better futures

As we progress with our strategy, our purpose has never been more important: to empower people to secure better futures. This commitment drives everything we do, from how we support our people to how we serve our clients and communities. By embracing a ‘human-centred approach’, we actively look to bring together diverse perspectives and foster a culture that feels authentic to
our business, focusing on care, commitment, and innovation.

Empowering people

Empowering people doesn’t just mean granting freedom; it’s about educating, inspiring, and enabling not just our own people but the members and employees of the clients we advise, to realise their full potential. We respect every individual’s unique journey and work to build their confidence to take control of their financial wellbeing. Our goal is to help people across all these groups to make informed decisions that drive growth
while maintaining security through every interaction.

Our behaviours: build relationships, find solutions, deliver impact

We communicate openly, enable others, and respect differences. Building strong connections with clients, colleagues, and communities helps us better understand and serve their needs, creating a more inclusive and collaborative environment.

Build 
relationships

We live our purpose through three key behaviours that define how we think, act 
and operate:

We stay curious, challenge constructively, and trust our experts. 
By constantly seeking innovative ways to address challenges, 
we ensure our solutions are effective and aligned with the 
evolving needs of those we serve.

Find 
solutions

We keep our promises, aim high, and drive progress. We’re committed to achieving meaningful outcomes that reflect our dedication to excellence and our responsibility to the wider world.

Deliver 

impact

Continuous progress

Better futures aren’t built in a single moment but through consistent, deliberate actions that move us forward. Our culture supports us in making decisions that benefit the collective good, always guided by our behaviours and purpose.


Together, we’re more than a consulting firm; we’re a team that’s dedicated to empowering people to secure better futures. This report aims to outline the most significant ways in which we’ve made a difference for our people and our clients throughout the 2023/24 financial year.

Building relationships

During 2023/24, we concentrated on enhancing development
and empowerment for our people across five key areas: cultural 
alignment, employee value proposition (EVP), capability building, operational effectiveness, and strategic workforce planning, with communication and engagement integrated throughout.

People development and empowerment

Cultural alignment 

The high level of engagement we achieved, with over 80% of our people participating in our surveys, demonstrates just how much our workforce wants to contribute. It’s the first time in our company’s history that we’ve conducted such comprehensive engagement, and the positive feedback we’ve received has been fantastic.” 

Sam

Sam Meldrum

Managing Partner for Strategic Business Solutions

We launched a cultural alignment project with an extensive listening phase, partnering with a cultural specialist to gather input from our entire workforce. Over 80% of our people participated in leadership workshops, facilitated sessions, 
and surveys. These insights allowed us to align organisational initiatives with people’s values.

Capability building and 
leadership development  

Capability building remained a key focus, highlighted by our Partner Development Programme aimed at senior leaders. We continue to invest in our leadership through initiatives like our Principal and Associate Conferences to strengthen leadership competencies and emphasise behaviours aligned with our organisational goals. The Colleague Academy expanded development opportunities, offering soft skills training in addition to technical learning.


To enhance our capability and develop our leadership potential, 2023 saw us appoint nine new equity partners and make 12 principal and
30 associate promotions across all our key markets. We strengthened 
our leadership team with four new business area appointments, 
Rod Goodyer in Investment Consulting, Jane Ralph in Business Development, Kim Durniat in Insurance and Longevity Consulting
and Amardeep Sitara as Head of IT. We also welcomed two industry professionals as new Partners: Craig Turnbull in Insurance and Longevity Consulting and Nick Cooper in SIPP. We were also proud 
to welcome financial expert Neil Howitt, who further bolstered our private client capabilities as SIPP Head of Finance in this key long-term strategic growth area.


We also welcomed experienced risk and resilience professional, 
Nick Websdell, to help strengthen our risk and resilience offering, and Nikhil Patel to our bulk annuities team as Senior Risk Transfer Actuary. 


Further key appointments were made in our award-winning Investment Consulting team who brought experienced heads Pratik Patel and Simon Clark onboard to further strengthen our credentials 
in this key area of focus.

Bolstering the core of our strategic leadership in 2024, we also appointed four new Managing Partners, Alex Pocock, Scott Eason, David Stoddard and Sam Meldrum. These appointments are key to 
our ongoing plans to maintain excellence within the pension schemes market while further strengthening our diverse offering to clients across risk, insurance, and investment.   

 

Welcome to our new 
industry professionals...

These appointments shine a light on the huge wealth of experience and knowledge within BW, and our commitment to nurturing and developing the talent within the firm."

Andrew

Andrew Vaughan

Senior Partner

Alex Po

Alex Pocock

Managing Partner for Pension Schemes and Investment Services

From highly bespoke, unique projects to high quality business-as-usual work our teams have continued to deliver for our clients, both longstanding and new.  An excellent year of continued growth and investment.”

Looking ahead: 
workforce planning  

I’m incredibly proud of the progress we’ve made, particularly with our cultural alignment initiative. 
It's been truly remarkable to see the firm commit 
to listening to the voices of our people. There’s still more work to do, but we’ve made significant strides.” 

Strategic workforce planning initiatives are also in development to align our talent needs with our future growth and keep us agile in adapting to evolving business demands.

Jacqui Derrick, Partner 
and Head of People

Diversity, equity and inclusion are not just buzzwords; they are integral to our culture of doing the right thing. I believe that true progress and innovation thrive when every individual is empowered to bring their authentic self to work and I am personally committed to helping create a workplace where diversity is celebrated, equity is the foundation, and inclusion is the heartbeat that connects us all. As a partnership, we want to forge a path where every voice is heard, every idea is valued, and every aspiration is within reach."

Simon Rusling, Lead DEI Partner

Diversity networks: Providing spaces for colleagues to share, support, and develop, and build
an inclusive and diverse work environment.

Engagement and conversation: Encouraging discussions on diverse perspectives through events and our social networking platform.  

Building relationships through diversity, equity and inclusion

We believe fostering an inclusive environment is key to ensuring every individual feels empowered. By embracing diversity, equity and inclusion, we can attract talent and build a better future for our firm. Our Diversity, Equality, and Inclusion (DEI) steering group, reporting to our Management Board, has led a range of initiatives to improve inclusion.

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We’ve also built relationships

In our communities

Our commitment to diversity extends beyond our business. In FY2023/24 BW colleagues actively contributed to our communities by supporting them with our professional skills and expertise:

Volunteering as trustees on charity boards, supporting governance and finance.

Utilising IT skills to assist charities with setting up computer equipment.

Providing maths tutoring to students.

Offering marketing expertise to help charities with branding.

Offering industry experience to help people gain insights into our industry and get a foot in the door.

In our thinking

A recent development for us has been the support we can provide clients in analysing their gender pensions gap, helping them to understand their current position and explore future strategies.
This service, developed in response to growing client demand and closely aligned with our expertise and skillset, offers a structured approach to analysing the factors which influence their gender pensions gap. Our goal is to help clients to consider actions that contribute to a more inclusive and equitable pensions framework within their organisation, if this is a priority for them.

Through our partnerships

In 2023/24, we continued advancing inclusion through several key partnerships:  

LGBTQ+ Initiatives: We are members of and co-organisers of the pensions industry LGBTQ+ network, O:pen, an inclusive organisation for professionals working in pensions, and we have also partnered with LGBT Great to innovative insights, visibility and outreach solutions for our sector.  

Disability Confident Employer: As a Disability Confident Employer, we are committed to improving and developing how we recruit, retain and provide development opportunities for disabled people.

Black internships: Partnering with 10,000 Black Interns to provide paid work experience and mentorship to enhance career opportunities for Black individuals in business.  

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In our networks

We created an environment where a variety of different voices are encouraged and heard through our network groups. The groups work together to build an inclusive and diverse place for us all. 2023/24 saw us deliver key activity in the shape of informative Lunch and Learn sessions and podcasts focussed on engaging with staff on societal and cultural matters. A key initiative also resulted in almost 100 individual nominations from across the firm for industry recognition at both Women In Pensions and Rising Stars awards.

Wellness+

Early Careers

Gender Equality

Inter-faith

Pride

Multi-cultural

We’ve also walked the talk

In the summer of 2023, we took a bold step away from traditional corporate gatherings, launching an innovative outdoor networking event on the picturesque coastline north of Liverpool. The overwhelmingly positive response led to a repeat event in 2024, cementing this unique approach as a highlight in our industry's calendar. This initiative has seen over 120 pensions professional 
get together in the past 12 months across both events.


Away from PowerPoint presentations and boardroom tables, participants told us just how much their appreciated getting back 
to nature and connecting with friends old and new in a far more 
informal setting. The change of environment seemed to unlock new approaches to persistent industry challenges, and we’ve been proud to create a space where ideas can flow as freely as the streams we crossed.


In an era where digital connections often dominate, our walking networking events serve as a reminder of the irreplaceable value
of face-to-face interactions. By literally and figuratively stepping into new territory, we're not just talking about innovation – we're walking the walk.

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Finding solutions

Finding solutions through innovation and technology

We know that continuing to make a strategic investment in technology is key to finding the right solutions. Our commitment to this objective is highlighted by the two significant leadership appointments we made in the 2023/24 period.

"In technology, the rate of change shows no sign of slowing, and I am excited to embrace that evolution with Adrian and my team at my side." 

Amardeep Sitara, 
Partner and Head of IT

Amardeep Sitara became our Head of IT, and Adrian Sevitz joined us as Head of Future Technology. Both roles are 
pivotal to our commitment to leveraging technology as 
a critical factor helping us to find the right solutions for ourselves and our clients.


Amardeep, a long-standing member of BW since 2000, 
will focus on operational efficiency and ongoing technology innovation. His deep knowledge of BW's systems and culture perfectly positions him to optimise our technology landscape as it continues to expand.

"BW is a hugely exciting company. It has a great technology foundation, and a real appetite across the business to grab innovation with both hands."

Adrian Sevitz, 
Principal and Head of Future Technology

Adrian Sevitz, an industry expert with a background in SaaS development and digital transformation, will lead our future technology strategy. He aims to capitalise on emerging technologies to enhance our consultancy offerings and strengthen our market position. These leadership changes reflect our dedication to developing technology-driven platforms and services that meet the evolving needs of our clients. Our focus on results-driven innovation will keep us at the forefront of our industry, driving sustained success and delivering cutting-edge solutions.

Delivering solutions with Clarity 

One of our most significant strides forward in 2023/24 was enhancing our technology capabilities to better support clients with the launch of Clarity from BW. This powerful technology suite is the backbone of our expert consultancy services. It is designed not only to help businesses thrive but also to support pension schemes with solutions to meet their current and future objectives with increased precision and efficiency.

"BW people are professional and knowledgeable. They appear more agile and flexible and are continually looking for an edge, particularly in the way they seek to use new technology.

Clarity from BW empowers our clients by providing sharper insights, helping them tackle complex challenges, and enabling them to make better informed decisions with greater certainty. Whether managing a small task or overseeing a major project, Clarity from BW ensures their actions are guided by comprehensive and secure data. The suite offers a wide variety of tools, all built on shared foundational principles, yet tailored to address the diverse and complex challenges our clients face. This uniformity in design ensures that each tool integrates seamlessly within their existing workflows while providing the flexibility needed to adapt to evolving needs. 

David Thompson, HR Director, 
Eastham Refinery Pension Scheme

Our DC experts took a trip Down Under

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Our DB Pensions Conference reached lofty new heights

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We solved the Employee Equation

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We sized up the FTSE350, with insightful results

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Delivering solutions through industry insights 

During 2023/24 we engaged in a wide variety of thought leadership and industry insight events including the following.

Extra! Extra! Read 
all about BW!

BW’s fame grew over the year as our experts featured more than ever in both trade and national media – 2023/24 was a record-breaking year for BW coverage which saw us feature in a range of publications spanning our diverse range of services. Throughout the year we have featured regularly in The Times, The Telegraph. The Guardian and The Financial Times as journalists have regularly sought the views and opinions of our thought leaders to help inform their readership and help them navigate the ever-changing business landscape. 

Delivering impact

Over the past year, we've made significant strides towards our strategic objectives, driven by our commitment to empowering people to secure better futures. Speaking in her new role as Head of Business Development, Jane Ralph explains how tighter collaboration across our business areas has driven the firm's strategic direction. 

Progress on our strategic goals

Together, we've focused on expanding our market presence, diversifying our service offerings, and leveraging technology to streamline processes. This collective effort has been instrumental in empowering various parts of the business and advancing our overall goals.”

Jane Ralph

Jane Ralph

Partner and Head of Business Development

A snapshot of our valued clients

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Expanding new business and client acquisition

Against a challenging background of lower spend by corporates and cost pressures, we saw a strong period of growth in new business activity. Our conversion rates remain strong when compared to the rest of the market, leading to the addition of over 130 new clients, including several high-profile names. We also continued to see significant growth through projects won from existing clients, either by expanding services or adding new service lines.


By actively identifying and pursuing opportunities in both our traditional pension scheme areas and new market segments, we’ve successfully broadened our client base and positioned ourselves as leaders in the industry. We are seeing good growth across most sectors and continue to build strong, long-lasting relationships.

A key component has been our focus on client acquisition strategies that emphasise our market-leading expertise and high-quality service delivery. Through targeted outreach, client events featuring insightful content and highly tailored client proposals, we have continued to build strong relationships and secure new contracts that reflect our comprehensive understanding of each of the market landscapes in which we operate. 

Our in-depth understanding of specific sector nuances has led to expansion in a number of both long-established and newer markets for BW. Such success stories include traditional public sector appointments and impressive growth across the schools and higher education space.

I am delighted to join at a time when the company is showing unprecedented growth and service innovation. Working as part of Barnett Waddingham’s highly skilled team, I am looking forward to assisting our clients in setting a new benchmark for governance across the board."

Inder

Inderpreet Kaur Bedi

Principal and Governance and Secretariat Lead

Diversification and strategic flexibility

Our diversification strategy has been central to our growth, as we continue to balance our core pension services with emerging opportunities that align with our expertise. Building on our existing skills in governance services for pension schemes, we welcomed Inderpreet Kaur Bedi, a new senior consultant with experience in the corporate governance sector and this has helped us to add new clients into that portfolio in 2023/24. 

The pension side of BW remains exceptionally busy, yet we are always seeking fresh ways to support clients. This includes developments in terms of administration beyond buy-outs, in particular working with insurers to offer administration expertise, as well as continuing to support defined benefit schemes across all the areas of our service. We have been helping trustees and sponsors navigate the decision process and implementation of whether they should run their schemes on or go down a buy-out route, as well as helping Trustees to navigate the complexity of the release of the much-anticipated General Code of Practice.

While buyout is often seen as the ‘holy grail’ and a ‘gold-plated solution to achieve at the earliest opportunity,’ firms must carefully consider whether it’s the right move at this time.


Most schemes will likely conclude it’s the right course of action, but they need to ask the question and seek advice that addresses all the different factors.


Affordability, for example, is crucial. ‘Price is King,’ but the transaction must also deliver the right benefits and emphasis for members. The market is always evolving, and as you dive deeper, you’ll find devils in the details. Preparation is key - ensure the data, information, and stakeholders are in place.”

Rosie

Rosie Fantom

speaking with Professional Pensions, February 2024

Our advisory role in the first ever superfund transaction, a capital-backed superfund consolidator deal between Sears Retail Pension Scheme and Clara-Pensions (£590m transaction) saw our efforts recognised in the 'Pension risk transfer innovation of the year' award 
in the 2024 InsuranceERM Awards. 

This builds upon our seven years of experience designing and supporting superfund providers and advising on over 15% of business written in the bulk annuity market in the first half of 2023.


In the past year, our Pension Administration, Pension Executive, and specialist bulk annuity teams have played pivotal roles in multiple transactions. Notably, we supported significant transactions like the £870 million buy-in of the De Beers Pension Scheme and helped Chubb Trustees secure £1 billion in liabilities with Standard Life, insuring benefits for 14,000 members across two pension schemes. We also supported a range of smaller transactions including advising the Westminster Abbey 1972 Scheme trustees on a £25 million buy-in with Pension Insurance Corporation (PIC and assisting the British Red Cross Pension Fund in completing a £30 million bulk annuity transaction.

Furthermore, our Streamlined Investment Consulting (IC) service for defined benefit schemes has grown to manage £2.5 billion in assets, delivering significant savings in investment fees.

In the Public Sector we were delighted to be reappointed to deliver actuarial, benefits and governance consultancy services to the Kent Pension Fund. This further six-year contract with the fund operated by Kent County Council, cements a 14-year partnership which started in 2009. The Fund has over 450 participating employers, resulting in over 150,000 members and a value of £8.1 billion.  
 

Beyond pensions, we’ve continued to add new clients in the benefits space thanks to our leading 4me digital employee benefits platform, while from the insurance consulting side, we have appointed Kim Durniat as the new Business Area Leader for our Insurance and Longevity insurance consulting team in 2023/24. Kim’s experience will be invaluable in helping clients capitalise on the market opportunities of today’s fast moving insurance sector. 

We also continue to experience strong growth in our general insurance internal model build and validation propositions. We are proud to support a broad range of the market including some of the largest Lloyd’s managing agencies and insurers in the UK and Ireland. Our unique skillset in being able to operate in many different capacities and operating environments has seen us support a growing number of clients, both conventional and non-conventional, outpacing some of our competitors. Our experience has also led to the development of market leading tools, some of which we will be looking to launch for external use in early 2025.

In the life insurance sector, our services to bulk purchase annuity (BPA) insurers continue to grow significantly. In particular, our advisory services on regulatory capital modelling have been in demand from the well-established BPA insurers and firms considering entering the market. We continue to provide expertise and resource to support BPA firms in pricing an unprecedented volume of BPA transactions. 
 

BW SIPP: A core growth driver 

"BW SIPP has also become a key growth area for
us as we diversify our revenue streams, with its revenue share rising from 5% to 7%. Recognised as a core business component, BW SIPP is central to our growth strategy, supported by our ongoing partnership with ii.

Andy Leggett

Principal, Head of SIPP Business Development

We see growth in BW SIPP being driven by three focus areas:
 

• Strong service delivery
• Investment in advanced, adaptive technology
• A prudent risk and financial management culture

We are investing significantly in our new API-enabled, cloud-based SIPP administration platform, SIPP360, which will deliver secure, reliable, and scalable results. The platform enables seamless client onboarding, even for those with complex requirements, and can handle large volumes. 
 

The technology will allow us to tailor solutions to clients' needs and continue to evolve to meet future demands. Combined with our independence and culture, we are confident in offering a compelling proposition all round.

As a leading SIPP provider, we offer third-party administration (TPA) and digital white-label SIPP solutions to enhance our partners' brands and customer relationships. By adding a pension wrapper to our clients’ propositions and managing administration for them, we make it possible for them to expand their offerings without added regulatory responsibility or operational complexity.

Tailored, independent DC pensions consulting

Our DC pensions consulting continues to focus on delivering tailored advice that meets each client’s unique needs, no matter how complex. Being an independent consultancy gives us the freedom to make unbiased recommendations based solely on what’s best for our clients. This approach allows us to design customised investment strategies that help to improve outcome certainty for scheme members in retirement. 


Our commitment to technology, including innovations like GEM, enables us to deliver on this promise by supporting clients with clear, evidence-based decision-making tools. GEM provides clients with transparent insights and data-driven guidance, ensuring each decision is backed by robust analysis.

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Continuous improvement 
and future outlook

Looking ahead, our focus will be on aligning business development with broader strategic goals, emphasising client acquisition and service expansion. Continued investments in technology, strategic refinements, and diversification will sustain our growth and help achieve our long-term objectives.

Delivering impact through our key industry partnerships

One way we deliver a positive impact is through our extensive engagement and partnerships with independent industry organisations, groups and bodies for the wide range of benefits they bring. From the insights we gain and the conversations we have with key decision makers, to the opportunities for influencing legislation that will improve and enhance practices within our industry. 


In 2023/24 we proudly continued to build key partnerships with respected professional bodies, including:

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Increasing our global reach 

We prioritise the importance of increasing our global reach through MBWL International to provide our clients with coordinated global employee benefits for companies with headquarters in the UK or global companies with UK operations. This joint venture builds on the full range of pension and benefit services provided globally by Milliman and in Germany by Lurse. 


In 2023/24, we've expanded our collaboration to include Normandin Beaudry in Canada, further strengthening our international capabilities. This international joint venture is complemented by our affiliation with GLOBACS, where BW has been the UK representative for over 20 years.

“At BW, we are committed to driving forward a consistent, high quality service to our clients, while embracing a culture of excellence. Normandin Beaudry were therefore an obvious fit for MBWL, with their strategic values closely aligning to that of our own, as well as Milliman and Lurse. We’re delighted to be taking our partnership to the next level and cross-pollinating our expertise to drive innovation of our service-offering.

Andrew Vaughan, 
Senior Partner

On behalf of the Normandin Beaudry team, we are thrilled to join MBWL as an equal and independent JV partner. We look forward to continuing to work closely with our international partners to expand the service offerings and total rewards expertise that we provide to organisations in Canada while now offering structured international support across the globe.”

Éric Montminy, 
Normandin Beaudry President 

Environmental awareness initiatives

Seeing how engaged the children were throughout the project was touching and a stark reminder of what the creative arts can do for our wellbeing."

The Rise Partnership Trust
(Manor School and The Avenue School)

We also launched new partnerships in 2023/24 to promote environmental education, particularly in schools with special education needs and disabilities (SEND). One such program, environment:matters, raises awareness of key environmental issues among SEND students, an often overlooked demographic in environmental discourse. The initiative engaged students in creating artwork that reflects their learning and understanding of sustainability. The artworks will be showcased at our offices, culminating in a "red carpet" event for the students and their families. This initiative exemplifies our holistic approach to CSR, combining education, awareness, and creativity to foster positive change.

Corporate Social Responsibility initiatives

Doing the right thing

This year, we made significant strides in Corporate Social Responsibility (CSR), continuing to embed social impact and sustainability into our core operations. With a focus on charitable donations, volunteering, and forming meaningful charity partnerships, we demonstrated 
our commitment to making a positive difference in the communities we serve. 


Here are some of the key achievements that reflect our CSR success over the past year:

Charitable contributions and community engagement

During 2023/24, we donated £146,000 to various charitable initiatives and projects. These funds were distributed across numerous causes, further reinforcing our mission to uplift vulnerable communities. While this figure represents the top-line total, it comprises several smaller donations that collectively support a broad spectrum of beneficiaries. The positive impact of these can be seen not only in the numbers, but in the tangible change they bring to individuals and communities. We also support our people by providing them with the option to take time out of the office to support initiatives with significant opportunity costs that are not reflected in this overall donation amount. 

£146,000

Donated to various charitable initiatives and projects.

A standout initiative in 2023/24 has been our partnerships with organisations like the Charlie Waller Trust, which is dedicated to improving mental health awareness and aiding suicide prevention among young people. We also joined forces with Create (Arts) Limited, a charity that provides education, awareness, and support through the medium of the arts, specifically targeting disadvantaged groups. Our collaboration with them not only brings creativity and expression to underserved populations but also highlights the power of art as a tool for social change. We also continued our relationship with our national charity partner Mind, a charity that provides advice and support to anyone experiencing mental health problems. 

Employee involvement and volunteering

A critical component of our CSR approach in 2023/24 has been the active involvement of our people. In line with our strategic focus on sustainability and social impact, we’ve encouraged staff to participate in volunteering opportunities. Whether through supporting the charities we work with or promoting internal fundraising events, our people have been instrumental in driving our CSR agenda forward. 

We take pride in connecting our people with the causes we support, reinforcing that every contribution - from simply buying a raffle ticket to participating in a charity event - makes a tangible difference. It not only strengthens our internal culture but also reinforces the sense of purpose and unity within our firm. 

Strategic alignment and sustainable development

Our CSR activities are deeply aligned with the company’s wider strategic goals, particularly our commitment to the United Nations Sustainable Development Goals (SDGs). We want to ensure that every initiative, whether related to charitable donations or volunteering, is linked to our values and long-term objectives. That way, our CSR efforts aren’t just standalone actions but form part of a cohesive strategy that benefits both our business and the wider community.

Looking ahead

"A huge thank you to everyone at Barnett Waddingham; your support has been absolutely phenomenal over the last two-and-a-half years and we're so, so grateful to have had you by our side.

Sophie, Partnership Manager, Marie Curie UK (Barnett Waddingham’s Partner Charity)

As we reflect on the successes of the past year, we remain committed to expanding our CSR efforts and finding new ways to contribute positively to society. This is an ongoing journey, one where we will continually seek to deepen our impact. By fostering stronger relationships with the communities we serve and empowering our people to engage in meaningful action we aim to keep making a difference for years to come.

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Building the future, today

Over the last year we’ve focused on laying the foundations for a future-ready organisation. As we move ahead, our goal is to continue to grow, bringing value to 
our clients while building a better future where our people and our communities 
can thrive. To do this we will continue to embrace change, invest in our people and technology and consistently seek out new, more sustainable ways of doing business.

Building futures through early careers

Building the future, today is very much part of the goal of our Early Careers program. This year we’ve made great progress around four main pillars: apprenticeships, summer internships, graduate schemes, and work experience placements. 

Apprenticeships

Our application process is smooth and informative, with a telephone interview and various assessment stages, including interviews, practical tasks, and office tours. Candidates can also engage with current apprentices to gain insight into life at BW.

We were recognised as one of the 100 best apprenticeship employers in 2023-24, this reflects our commitment to wellbeing and to creating a supportive workplace, empowering apprentices and teams to thrive.

Apprenticeships have been a significant focus, visiting schools, attending careers fairs and offering opportunities for school leavers across our different office locations. Whilst this geographic spread presents challenges, we’ve successfully supported apprentices, fostering a sense of community and resilience among participants. We’ve offered a range of Level 3 and Level 4 apprenticeship opportunities since 2018, and remain committed to providing 
high-quality support and training to ensure our apprentices can achieve their potential and enjoy their roles, launching them into successful careers.

One of my personal highlights this year has been witnessing the remarkable growth and development within our team, especially seeing individuals like our apprentice evolve. Watching someone come in as a school leaver, uncertain of the corporate world, and then grow into a confident professional engaging directly with partners has been incredibly rewarding.” 

Jane Ralph, Partner and Head 
of Business Development

Graduate opportunities

This year, we continued to offer a range of graduate opportunities for ambitious individuals eager to make an impact, with 2023/24 seeing our largest ever graduate cohort. In September 2023 we welcomed 43 graduates and 26 apprentices, with a further 16 graduates arriving by the end of the year.


Working across all nine of our UK offices, graduates are welcomed into our supportive teams, learning directly from experienced professionals while contributing to real-world projects from day one. Our collaborative culture ensures that new joiners are set 
up for long-term success, with ample opportunities to make 
a meaningful contribution and build a fulfilling career. 

Our graduate program is split into two categories: those seeking determined career paths, like actuarial or investment consulting, and more general finance-related graduates. These pathways ensure a variety of entry points for early talent.
 

Diversity, Equality and Inclusion

Across all these initiatives, we’ve placed a strong emphasis DE&I. and have made a concerted effort to attract more diverse candidates – as we believe diverse teams achieve better business results, for both our clients and for BW. We collaborate with organisations like the 10,000 Interns Foundation, GAIN and UpReach. These relationships have been instrumental in building more inclusive talent pipelines, and we have already seen individuals being successful in joining our early career programmes. 

A significant change has been trialling the use of video interviewing as part of the recruitment process and removing CVs from initial selection stages. These changes are helping to reduce bias and instead focus on potential rather than background or education. This shift aligns with our broader aim of promoting social mobility and ensuring fairer recruitment processes.

Future initiatives

Looking ahead, we’re exploring the introduction of scholarships, further extending opportunities for underrepresented groups and making changes to our application process to make it more accessible across a wider spectrum of neurodiversity. The support for these initiatives comes from all levels of the business, reflecting a genuine commitment to building a more diverse and inclusive workforce. Our approach is one of constant innovation, allowing us to trial and refine new ideas, ensuring that our Early Careers program continues to evolve and meet the needs of both our talent and our business.

“A highlight for me has been building our relationship with GAIN (Girls are Investors). We have now hosted a number of collaborative insight events together and it makes me proud to see the impact of the partnership on supporting young women and non-binary people into investment careers.

Gemma Martins, Early Careers Advisor

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Awards and recognition 

Our commitment to innovation, service, and excellence has once again been recognised in 2023/24 with multiple prestigious awards:

Best Sustainable Benefits Adviser 

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Employee Benefits 
Consultant of the Year  

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DB Investment Innovation of the Year 

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Gold Investor in Customers (IIC) Accreditation  

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Pension Risk Transfer Innovation of the Year 

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Innovation in New 
Product or Service  

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PPF Trustmark Badge 

Top 100 UK Companies for Placements 2024-2025

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Our finances

Our financial performance during 2023/24 very much evidences our strong consistent growth and strategic investment, showcasing the strength of our business model and our commitment to long-term success. 

a snapshot of our success

We are pleased to report a 10% increase in revenue, reaching £160 million by the end of May 2024. This follows a sustained positive trajectory with annual growth averaging 12% over the past three years, 10% over five years, and 11% over the last decade. This long-term growth demonstrates strong momentum, even more so on the basis that this is all 
organic growth.


Key highlights this year include 8% growth across our pensions-related businesses, particularly within actuarial consulting, investment consulting, and pension administration. Notably, 
our pension administration sector recorded a 15% increase in revenue. The pensions market remains incredibly busy as schemes consider their journey plan and our expertise across ongoing, consolidator, insurance and PPF markets makes us 
well placed to provide our quality and bespoke services to 
the full range of schemes.


But of course, we are a diverse business providing board management services, risk analytics, employee benefits platform support and consultancy as well as insurance consultancy and Self-Invested Personal Pensions and Small Self-Administered Schemes. Encouragingly, our income grew by 18% across these areas in 2023/24.

In line with our long-term vision, we have made significant investments to ensure our sustained growth and innovation. 
 

Our commitment to developing proprietary tools and software such as Insight, 4Me, Illuminate and GEM has continued to add value for our clients. Alongside our tools, the expertise of our consultants brings a wide range of benefits to our clients. 
Our aim is to empower our clients and our people to deliver better outcomes, solidifying our reputation for delivering market-leading services.

As an independent partnership, wholly owned by our 99 partners, we retain the flexibility to make critical investment decisions that ensure our growth remains strong. Over the past year we have continued investment in systems to automate processes and streamline delivery. We have also focused on expanding our workforce to meet future demands, reflecting our belief in the importance of our people in driving our success. Our headcount is currently over 1,750 and counting as we prepare for 2025 and beyond, ensuring we remain well-equipped to meet evolving client needs.


Looking forward, we are excited about the opportunities that 
lie ahead. With a strong foundation in place and ongoing investments in innovation and talent, we are well-positioned 
to continue our growth and deliver value to our clients. The 2023/24 financial year has been a period of both great achievement and detailed preparation, setting the stage for continued success in the years to come.
 

Robert

Robert Hawkes

Finance Partner

"What really stands out for me is our continued organic growth. I find it incredibly rewarding to witness not only this financial progress but also the growth in our people and their contributions to our success. It is clear that our collective efforts are driving something truly remarkable." 

OUR ACCOUNTS

View our financial accounts (1 June 2023 - 31 May 2024)

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