Overview
Vision
Growth
People and communities
Our highlights
Our vision enables us to create strong foundations for a successful future, for us to continue to thrive. Over the past year, the Management Board has worked hard to evolve a business strategy which remains focussed on service excellence, the development of new services, investment in technology, the progression of our people and the protection of our culture.
Money donated
Best Companies
Our people
New business won
Sustainability
Increase in turnover
A forward thinking vision
Elizabeth Renshaw-Ames, Management Board Chair
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vision
Record-breaking organic growth
We’re extremely proud to have achieved 20.7% increase in revenue this year, climbing from £120.9m to £146m.
Robert Hawkes, Finance Partner
20.7%
Partnerships
Cultivating partnerships and fostering longevity
We’re thrilled that almost 50% of our pension scheme clients have been with us for more than 10 years, and we’re excited to have partnered with a significant number of new organisations this year.
Alex Pocock, Managing Partner
"There is high integrity and professionalism throughout the firm and I have confidence in all those I deal with to get the job done efficiently and accurately."
Tim Barlow, Trustee Director, The Clariant Pension Plan
Supporting our people
We continue to take great pride in our open, caring and friendly culture. Our people strategy has been developed around creating an inclusive employee experience, engendering a learning culture of continuous development and leading transformation to inform decisions. By adhering to these themes, we foster a strong sense of belonging through support and collaboration.
David Stoddard, Chief Operating Officer
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0%
Our year
We focussed on reducing waste with
99.4%
diverted from landfill
Donated
£142,000
to charitable initiatives.
We act as a trusted partner of
25%
of FTSE 100 companies.
listed us in the top 100 companies to work for including 13th in the Financial Services category, as well as giving us a two-star accreditation out of three.
Continuing to invest in people
by recruiting 298 new colleagues, including 53 graduates and 13 apprentices into our Early Careers programme. We also provided valuable work experience to 25 summer interns.
Organic growth increased by
year-over-year with revenue climbing from £120.9m to £146m.
Our people volunteered
542 hours
of their time to help others.
We won 11 awards
including four at the Corporate Adviser Awards and three in the Professional Pensions Rising Star Awards.
New annual recurring business generated
£7M
Made a record-breaking number of promotions
including 30 promotions to associate, 12 promotions to principal and nine promotions to partner
We prioritised sustainability
by offsetting 610 tonnes of CO2e this year.
Our volunteering helped
580
people directly.
Creating rewarding careers for our people by fostering opportunities for growth and development, in a supportive, collaborative, and inclusive environment.
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Focusing on longevity by building long-term partnerships, expanding our service offering to add value, investing in technology, embracing flexible working, and improving sustainability.
How delivering transformative solutions to our clients has enabled us to achieve record-breaking organic growth across all our services.
Our plans for the future and our commitment to staying resilient, building on strong foundations.
Our Senior Partner reflects on how we’ve created long-term value for our clients and our people.
The highlights from an exceptional year where we’ve achieved beyond the expected for our clients, our people and our communities.
Look back at 2019-2020
Creating certainty in uncertain times during the onset of Covid-19.
Look back at 2020-2021
A remarkable year despite navigating the pandemic, demonstrating our resilience.
Look back at 2021-2022
Building foundations by achieving strong growth in new and existing business areas.
Financial statements 2022-2023
Our full accounts which detail our record-breaking financial growth.
Financial Statements 2022-2023
Explore our Annual Report
OUR YEAR
Our success this year is a testament to our unrivalled focus on delivering long-term value for our clients and our people, despite unprecedented change and an unstable market during this period. Our dedication to anticipating client needs and the development of innovative, transformative solutions has led to a record-breaking year of financial success for BW, achieving 20.7% growth in our revenue. This is reinforced by our unwavering dedication to nurturing our people. As an independent business which allows us to be agile, we consistently put our clients front and centre which allows us to achieve the best possible outcomes as the marketplace continues to adapt. Our independence provides us with the freedom to develop our services in-line with ever-evolving needs – in a dynamic market, this flexibility is more important than ever. We actively empower our people to grasp new opportunities and explore new ideas – we passionately believe that this freedom drives fresh thinking and paves the way for rewarding careers.
ANDREW VAUGHAn, Senior Partner
A year of outstanding growth, with an exciting future outlook
Annual Report and Accounts 2022/23
“I feel extremely proud when I reflect on how our people have worked together to go beyond the expected during such a busy year, and how we always put our clients’ needs first – a true partnership between our people, our services, and our clients. I’d like to thank our people and our ever-growing client base for their ongoing trust and support.”
Copyright © Barnett Waddingham 2023
Regardless of where our people are in their career journey, we invest significantly into their training and development so they can enjoy enriching careers and be equipped to explore different career avenues within the business if they wish to. We recruited 53 graduates and 13 apprentices into our Early Careers Programme this year alone. Additionally, we provided valuable work experience to 25 summer interns. We understand that these schemes are vital in supporting the next generation - helping them forge the right skills and develop meaningful careers.
Fulfilling careers for all
We also made a record-breaking number of promotions this year, including 30 promotions to associate, 12 promotions to principal and nine promotions to partner, across a range of business areas. As our business grows, so does our commitment to upskilling our people so they can drive our business forward to achieve excellence. Alongside recruiting exceptional talent into the organisation, we also want to develop the career paths of people within BW. We know they perform at their best when they have something to strive towards and have opportunities to explore new avenues.
50
9
Recruited
30
12
celebrated their 10-year or 20-year milestones
promotions to partner
promotions to associate
promotions to principal
25
13
53
summer interns
apprentices
graduates
Our supportive culture which inspires learning and development means we attract and retain exceptional people; many staying with us for long, fulfilling careers. This year, just under 50 people celebrated their 10-year or 20-year milestones with BW. We also welcomed 298 new people into the business in line with our ambitious growth plans and increasing client demand.
Retaining and attracting talent
An award-winning place to work
For the second year running, we’ve received a ‘2 star’ rating from Best Companies. They listed us in the top 100 companies to work for including 13th in the Financial Services category. We’re proud of how much people love working at BW but we know there are always ways we can improve, so our 51 Engagement Champions are helping us achieve this. These champions voluntarily provide support for engagement activities across the business, based around initiatives resulting from the Best Companies survey.
Our values and culture set us apart and drive us all to be our best each day. While this year has been unpredictable in many ways due to the changeable macroeconomic environment, throughout we have adhered to our values by staying principled, delivering quality services, working in partnership with our clients, and maintaining respect at all times.
Principled
Quality
Partnership
Respect
The highlights from an exceptional year where we’ve achieved beyond the expected for our clients, our people, and our communities.
We are mindful that the world we operate in remains volatile and, like many other organisations, we’ve endured events such as the cost of living crisis, rising inflation, geopolitical uncertainty, technological change and of the continuing effects of the Covid-19 pandemic in the past year. We’re also at the forefront of the developing pensions market, acting with clients on the opportunities resulting from improved funding levels and revised longer-term objectives. We greatly value the knowledge and expertise of our in-house risk, business continuity and people & talent experts to help us navigate continual change for the benefit of our clients. Overall, our focus on doing the right thing at all times remains our beacon. This, alongside our strong teamwork across the organisation, gives me great confidence that we will maintain and build our successes in partnership with our clients going forward.
With clients always front of mind, we have ambitious future plans to deliver ongoing success - continuing to offer exceptional services to our existing clients, alongside recurrent investment in newer propositions to a growing and more diverse audience.
The significant growth in our investment consulting area came during the Liability Driven Investment (LDI) and gilt crisis period. Our teams very much delivered beyond the expected, showing our core values in action.
Our growth is entirely organic, derived from both new and existing business, delivering solutions in partnership with all our clients. In absolute terms, this is the largest one year revenue increase we’ve experienced in our 34-year history. Our growth is across our full range of services and reflects our exceptional service.
Investment consulting
Actuarial consulting
Pension executive & management services (PEMS)
Insurance & longevity consulting area
Particular areas of note include revenue growth of
42%
32%
31%
GROWTH
We're also seeing strong growth in our employer services - we're helping corporates manage risk in an ever-changing world and enabling employers to improve their benefits offering through our award-winning 4me employee benefits platform.
With such talent across our business, we are well placed to be innovative, agile and deliver on our promise to clients. Our strategy is underpinned by long-term sustainable growth, with continued investment in existing and new areas to build on our market leading reputation, reaping benefits for both our people and clients.
Our commitment to nurturing our people, continuously developing existing and new services, and investing in technology has placed BW in a strong financial position, with record-breaking financial growth this year. Our people costs have been higher than expected, as we have been rewarding our staff for their exceptional work during a period of significant strain due to external factors. However, a key element of our strategy is nurturing our people, and we’re confident this investment in our staff will create the best outcomes for all our stakeholders. We are confident that BW will continue to experience future growth, while remaining robust and resilient.
Financial year in a snapshot
DOWNLOAD OUR FINANCIALS
increase in revenue this year, climbing from £120.9m to £146m.
We onboarded National Grid UK Pension Scheme where we provide pension administration services to their 50,000 members, along with the full suite of trustee executive and management services for National Grid Electricity Group. We advised the Arcadia Group and Arcadia Group Senior Executive Pension Schemes on transactions to insure £850m of liabilities with Aviva, and Thomas Cook Pension Plan to insure £900m of liabilities, collectively securing benefits for over 21,300 members. We also advised Chubb trustees to insure £1bn of liabilities with Standard Life.
As we continue to develop and grow our service offering, we will create more long-term partnerships where we can add true value and help them manage their complexities. One area we’re particularly focussed on doing this for is Self-Invested Personal Pensions (SIPP). This year, we have made several senior appointments in this area and have invested significantly into developing an API-enabled, cloud-based digital SIPP administration capability. This will enhance the online experience for existing customers and help accelerate business growth.
92%
91%
90%
Marrying our consultancy expertise with the skills of other organisations is yet another way that we achieve excellent results and greater insight for clients. One such example is our recent partnership with ISBA to launch our Data Navigator tool, which allows school business teams and governors to benchmark and analyse their business performance against other similar schools.
"The level of service has been exceptional. It would be difficult for them to improve. Every aspect of my personal experience with BW has been pretty much faultless. The team always do exactly what they say they will do. It is noticeable that they respect each other and work together as a team."
John Adair, Trustee, Ryland and William Jacks schemes
trust BW staff to behave with fairness, integrity, and honesty
say staff are friendly and willing to help
are likely to continue using BW
partnerships
We consistently evaluate how we can improve our service offering for clients and this year we are particularly proud to be awarded a gold accreditation by Investor in Customers (IIC) for a fourth time running, following a client and colleague survey on our service delivery. The survey confirmed:
We currently administer almost 70,000 SIPPs and expect this number to increase significantly, with new business enquiries remaining strong.
Reinforcing results through flexible working
We’re also utilising technology to boost collaboration across our offices, making these spaces inspiring, comfortable environments for our people to work in. We’re focussed on the evolution of our WorkSmart flexible working strategy - giving our people the freedom to work flexibly helps maintain our empowering culture and delivers the best work for clients. It also ties in well with our sustainability strategy as hybrid working helps to reduce our carbon footprint.
Technology plays a pivotal role in our service delivery to clients. We firmly believe that it powers our growth and creates limitless opportunities for the future. We’re excited about how technology is already creating better experiences, and we expect it to enhance our communication, efficiency and productivity which will benefit both our clients and our people in our provision of high-quality services. During the year, we have numerous examples of leveraging technology to drive business success, including the launch of our Insight tool, which delivers on-demand insights and empowers more informed decision-making for clients.
Embracing technology
We continued to make strong progress this year, particularly in our pledge to become net zero by 2025, improving sustainability across our offices and embedding sustainability into our benefits consultancy offering.
Shaping a
future
Our independence and innovative approach
We have already achieved carbon neutrality on scope 1 and scope 2 emissions through our willow tree planting scheme, working alongside our offset partner, My Carbon Plan. Through the same partner this year, we have offset 610 tonnes of CO2e emissions.
02 Title
We’ve been focussed on reducing waste across our offices, with 99.4% now being diverted from landfill. Six of our nine offices are now rated ‘very good’ or ‘excellent’ by BREEAM standards, and any new locations or relocations considered are targeted to have the highest possible sustainability levels. The local authority in Amersham awarded us ‘Business of the Year’ for our support of sustainable installations and improvements in the local environment.
03 Title
We continue to offer practical advice on how to manage, monitor and report climate risks to clients. The Financial Reporting Council (FRC) listed us as a signatory to UK Stewardship Code once again, demonstrating our commitment to sustainable initiatives. We remain a signatory to the Impact Investing Principles for Pensions, and members of the Net Zero Investment Consultants Initiative.
04 Title
Our benefits team was named ‘Best Sustainable Benefits Adviser’ at the Corporate Adviser 2023 Awards – our 4me employee benefits platform is currently the only benefits platform that allows employees to make a sustainable pledge.
Carbon offsetting
Our offices
Signatories
Sustainable benefits
70,000
Roger Ottewell, Trustee, Bosch UK Retirement Benefits Scheme
"The service we receive is professional, proactive, accurate and extremely helpful."
of waste across our nine offices is now being diverted from landfill.
Carbon offseting
Our six internal Diversity, Equity and Inclusion networks are a fantastic way to help us ensure that people’s voices are heard, and these networks work collectively to raise awareness, understanding, and appreciation of important issues across the organisation. This year, the multi-cultural network launched a podcast series where members shared their own personal experiences to help others. The networks have also held many events to help engage and educate people on a wide variety of topics, including ‘Why allyship matters’, ‘Some minds think differently’, and ‘Opening doors’ which focussed on the LGBTQ+ community.
Our great culture is underpinned by celebrating diversity - recognising that our differences enrich our lives and experiences. This creates conditions where people can be themselves and builds an environment of empowerment, which we believe produces optimal results for our people and our clients.
Doing the right thing is instilled in our values and is at the heart of everything we do. We believe that success is not just measured by our financial growth, but also by how we positively impact people and society. Everyone at BW is entitled to take one working day a year to volunteer for a renowned good cause, and we match their personal donations or sponsorship to recognise organisations and charities.
Donated to chairty and organisations this year
Protecting the welfare of our local communities
Early careers
Gender equality
Inter-faith
LGBT+
Multicultural
Wellness+
Denise Longstaff, Pension Scheme Manager & Head of Pensions, Urenco UK Pension Scheme
"Happy staff which shines through to clients."
We’re making a difference at industry level by supporting a number of important initiatives, including The Diversity Project, 10000 Black Interns and O:pen. We also completed the Disability Confident self-assessment to identify actions that ensure disabled people have equal opportunity to join our business and fulfil their potential. This has successfully led to a Level 2 accreditation, and we hope to achieve Level 3 status in 2024.
was donated to charitable initiatives this year, through our central fund and in-house fundraising.
Sophie, Partnership Manager, Marie Curie UK
"A huge thank you to everyone at Barnett Waddingham; your support has been absolutely phenomenal over the last two-and-a-half years and we're so, so grateful to have had you by our side."
