LCP present their report and financial statements for the year ended 31 March 2020.
CEO's highlights of the year
Foreword from Aaron Punwani, LCP CEO.
2019/20 was another strong year for LCP, in which we have continued to grow and diversify our talent base, client portfolio and range of services. This is, however, a time for quiet reflection more than for celebration. The financial year finished just as we have gone into lockdown on account of the Covid-19 pandemic, and, whilst our business has continued to hold up well, we recognise that there is increased uncertainty as some of our clients have been severely affected. I’m incredibly proud of the way our people have shown support for each other. For this reason, it is right to recognise my colleagues’ achievements over the year, some highlights of which are as follows:
- The group achieved record income of £126.5m during the financial year, an increase of 10.1%.
- We had a record-breaking year for new business, winning more opportunities than ever before, including 34 new on-going actuarial, investment consultancy, DC and/or pensions administration appointments.
- Following 5 awards at the Pension and Investment Provider Awards (PIPA) 2019 and 2 awards at the UK Pensions Awards 2019, the 2020 ceremonies have been delayed due to Covid-19. We are proud to have been shortlisted in 7 categories for the PIPA, and 8 categories for the UK Pensions Awards.
- We had some high-profile senior recruits, including Sir Steve Webb, former UK Minister of State for Pensions, joining us as a partner in February 2020.
- Our corporate consulting team has been shortlisted for 'Best Pension Adviser' for the Corporate Adviser Awards 2020 to be held in November.
- LCP Enact, our data integration and forecasting platform for the GB energy market, was shortlisted for the “Innovation of the Year” award at The Energy Awards.
- LCP was lead adviser on 15 of the 46 buy-in and buy-out transactions over £100m during 2019, including major transactions for the pension plans of British American Tobacco and Marks & Spencer.
- Our DC team increased revenues by 17.8% and hired Heidi Allan to head up our financial wellbeing services to clients.
- Our Insurance Consulting team successfully launched LCP InsurSight, our analytics platform for general insurance companies. We acted as Independent Expert for several Part VII insurance transfers, and helped a wide range of insurers with reserving, capital modelling and Chief Actuary services.
- Our Investment team has continued building on their success advising clients outside the UK pensions market. During the year, we were appointed as investment advisor to a major sovereign wealth fund and central bank, as well as one of the largest charities in the UK.
- Our football analytics practice continues to demonstrate our ability to successfully apply our skills in different markets. 10 high profile European football institutions, including Premier League clubs, are now using our technology and analysis to enhance their player recruitment processes. A recent upgrade to our player recruitment platform, TransferLab, has generated interest from institutions around the world, including from clubs in the USA and South America.
- LCP Visualise, our ground-breaking pensions analytics tool, was successfully relaunched with new functionality and a modernised user interface to ensure it remains market leading. It has been adopted by over 350 clients, with assets totalling £240bn.
- Our third LCP CARES awards in November 2019 once again recognised the efforts of LCP’s people who had delivered exceptional service for a client, the community or each other. LCP CARES (“Clients Always Receive Exceptional Service”) is an articulation of our culture and our promise that everyone at all levels will strive to go the extra mile. In order to celebrate the resilience, innovation and creativity of our people, 2020 also saw the addition of a special “Lockdown Edition”, where we received over 1,000 nominations in just 10 days for 5 award categories including: “lockdown legend”, “service supremo” and “intrepid innovator”.
- The LCP Foundation has supported LCP’s chosen charities, the West London Mission and Trinity Winchester, with charitable grants to support their day to day activities for homeless people and the Learning for Life Programme.
- We maintain our fundraising matching policy to inspire our people to raise money for the causes they are passionate about and to encourage those who have not fundraised for charity before to give it a try. Most recently this includes financial support for the Stephen Lawrence Charitable Trust.
- LCP’s Diversity & Inclusion (D&I) Group continues to go from strength to strength and expanded a number of key initiatives during the year including:
- Our partner champion campaign which one-third of our partners joined. This is an individual commitment made by senior leaders to challenge barriers to D&I, with each individual stepping forward to be a visible advocate and supporter for one of our four networks;
- Our Women’s Talent Academy encouraging more women to join investment consultancy. 18 women took part this year with 20% going on to secure and accept an internship at LCP;
- A spotlight on mental health including initiatives for Mental Health Awareness week – this included a virtual fundraising relay for MIND where 335 LCP personnel ran, walked or cycled more than 2,750kms; and training 10% of staff and partners as Mental Health first aiders;
- We improved our Stonewall Workplace Index score by 25% from the previous year and as a consequence we ranked 27 places higher;
- Over 200 of our staff engaging with various virtual Pride activities over Pride Month (June 2020);
- Our recent onboarding with LGBT Great which is a consultancy that advises on LGBT inclusion to businesses within the investment and savings sector;
- Panel sessions sharing lived experiences for example on work-life balance, black talent in professional services and being a senior female in a male dominated profession;
- Training for partners on “inclusion as a strategic driver”, tackling areas such as diversity, bias and targeting recruitment practices to better attract talent from under-represented groups; and
- 'Supporting the Diversity Project, including representatives on the CEO Advisory Board and Steering Group.'
These continuing investments in our people, our clients and our services leave LCP well positioned to emerge from the current uncertain environment as an even stronger business for the future.
Overview of our financial reports
At a glance
Access an overview of our stand out moments and financial accounts plus a link to our accounts as filed at Companies House.Access it here