LCP present their report and financial statements for the year ended 31 March 2019.
CEO's highlights of the year
Foreword from Aaron Punwani, LCP CEO.
2018/19 was a phenomenal year for LCP, with our talent base, client portfolio and industry reputation reaching new heights. My personal highlights are as follows:
- The group achieved record income of £114.9m during the financial year, an increase of 8.5%.
- LCP won an unprecedented 5 awards at the Pension and Investment Provider Awards (PIPA) 2019 amongst strong competition:
- 20 Years of Excellence in Defined Contribution
- Actuarial Consultant of the year
- Derisking Consultant of the Year (for the seventh time in nine years)
- Employee Benefits Consultant of the Year
- Investment Consultant of the Year
- LCP also won “Investment Consultant of the Year” and “Diversity and Inclusion Excellence” at the UK Pensions Awards 2019. This followed our firm award for supporting diversity at the inaugural Women in Pensions awards in 2018.
- We secured 49 new on-going actuarial, investment consultancy, DC and/or pensions administration appointments in the year, of which 12 were to £1bn+ pension schemes.
- Our Energy Analytics practice advised the Government and Ofgem on four key changes to GB Energy policy.
- LCP was lead adviser on ten buy-in and buy-out transactions over £100m during 2018, including major transactions for the pension plans of Marks & Spencer and Littlewoods.
- Our DC team broadened its capability over the year to include a specific focus on financial wellbeing, launching technology to help employers quantify the level of financial shock their employees can withstand. These exciting developments led to the team’s revenues increasing by 15.5%.
- Our Insurance Consulting team successfully supported UK based insurers implement their Brexit strategies. We acted as Independent Expert for several Part VII insurance transfers, including for RSA and Fidelis.
- Our rapidly growing Football Analytics practice is applying our capabilities in a new market. We are now providing innovative technology and analysis to 8 high profile football institutions, primarily Premier League clubs.
- LCP Visualise, our ground-breaking pension analytics tool, has continued to grow. It has now been adopted by over 350 clients with assets totalling £240bn as at April 2019.
- Attracting the best talent is key to our long-term success and we continue to have highly successful annual graduate recruitment programme which is complemented by our summer intern programme. Over the past year we received a record number of applications and employed 33 graduates and 34 summer interns.
- Our second LCP CARES awards in November 2018 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.
- The LCP Foundation was launched cementing significant annual charity donations from the firm by implementing a fundraising matching policy. We want 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.
- LCP’s Diversity & Inclusion (D&I) Group introduced and expanded a number of key initiatives during the year including:
- Two new employee led groups, the Multicultural Network and Wellbeing Network;
- Training sessions tackling areas such as diversity and bias and parental support;
- Focused recruitment efforts, including a new graduate video on LCP’s commitment to D&I;
- First new hires under the return programme, LCP Resume;
- Training 10% of staff and partners as Mental Health first aiders;
- Supporting the Diversity Project, including representatives on the CEO Advisory Board and Steering Group; and
- Women’s Talent Academy aimed at mentoring students wanting to pursue a career in investment consultancy.
- LCP marched at Pride in London for the first time this year - a group of over 30 LCP employees dressed in rainbow coloured T-shirts in support of LCP’s LGBT+ network.
These developments leave LCP well positioned to continue to innovate for the benefit of our clients and offer exciting career development opportunities for talented individuals within a supportive and modern working environment. You can read the press release on our record income here.