Below is the 2025 league table for the UK’s outsourced third party pensions administration providers. The data is based on the latest figures supplied.
The 2025 TPA league table covers over 4,600 pension schemes, with more than 20 million pension benefits currently being administered. The total number of schemes administered has continued to fall, largely due to ongoing buy-out activity. We have also seen some clients move to new providers following tender exercises.
Further consolidation this year included Broadstone’s purchase of Railpen’s Third Party Administration division and Howden’s acquisition of Barnett Waddingham. More recently, Aptia acquired Atkin and Gallagher acquired First Actuarial.
| TPA | Total schemes | Members administered |
|---|---|---|
| Aon | 301 | 495,000 |
| Aptia | 913 | 4,020,186 |
| Barnett Waddingham | 396 | 439,463 |
| Broadstone | 450 | 165,000 |
| Capita | 469 | 4,702,939 |
| Equiniti | 56 | 3,500,000 |
| First Actuarial (now Gallagher) | 265 | 85,313 |
| Gallagher | 193 | 485,000 |
| Hymans Robertson | 71 | 194,000 |
| Isio | 421 | 413,028 |
| LCP | 84 | 109,852 |
| MUFG Retirement Solutions | 72 | 2,114,792 |
| Spence | 136 | 46,000 |
| Trafalgar House | 34 | 189,000 |
| WTW | 197 | 2,554,000 |
| XPS Pensions Group | 560 | 1,219,354 |
This league table represents just a snapshot of the wider market information we analyse. We continually track developments across thousands of schemes, and we’re happy to discuss the broader insights if you’re considering a review. 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 Emily O’Brien on 020 8213 5860.
Source: Go Pensions ongoing market research completed by TPAs via GoFX.
Notes:
1: Updated metrics were not available from some TPAs at the time of publication; in these cases, previously published figures have been used.
2: Some TPAs are excluded if they did not disclose their data.