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RNS Number : 1888D XPS Pensions Group PLC 15 February 2024
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/
(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
(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 +44 (0)20 3978 8626
Chief Financial Officer
Zoe Adlam +44 (0)118 918 5000
General Counsel and Company Secretary
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.
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