Below is the 2024 league table for the UK’s outsourced third party pensions administration providers. The data is based on the figures they provided.
| TPA | Total schemes | Members administered |
|---|---|---|
| Aon | 301 | 495,000 |
| Aptia | 913 | 4,900,000 |
| Barnett Waddingham | 408 | 440,000 |
| Broadstone | 450 | 165,000 |
| Capita | 478 | 4,915,000 |
| Equiniti | 55 | 4,200,000 |
| First Actuarial | 265 | 85,313 |
| Gallagher | 193 | 485,000 |
| Hymans | 78 | 210,500 |
| Isio | 431 | 420,000 |
| LCP | 84 | 109,852 |
| MUFG Retirement Solutions | 72 | 2,114,792 |
| Railpen | 286 | 526,836 |
| Spence | 136 | 46,000 |
| Trafalgar House | 34 | 190,000 |
| WTW | 185 | 2,639,000 |
| XPS | 611 | 1,069,988 |
The league table covers 4980 pension schemes, with more than 23 million pension benefits being administered.
There have been several mergers and acquisitions in the third party administration (TPA) market. Therefore, the figures above may appear significantly higher than those previously published.
Isio acquired Premier Pensions Management in 2022 as well as Deloitte UK’s pension business in 2023. Gallagher completed their acquisition of Buck in the Spring of 2023. Aptia acquired Mercer’s UK pensions administration business early in 2024 and more recently, MUFG Retirement Solutions acquired Link Group.
In terms of location, Birmingham and Bristol were the most popular cities with seven TPA offices each. Edinburgh, Glasgow and Manchester were the next most popular locations. Despite London being reported as a key location, administration teams are rarely based there.
If you would like more information on the TPAs available in the market, or you are a TPA and you would like to update your data, please contact Susan Phillips or Rav Malhi on 020 8213 5860.
Source: Go Pensions ongoing market research questionnaire completed by TPAs via GoFX.
Note: some TPAs are excluded if they did not update or disclose their data.