Revenue from Lane Clark and Peacock’s (LCP) defined contribution business increased by 15.5 per cent in 2018/19, contributing to a record £115m overall income.

According to its 2018/19 financial report, the growth in DC revenue was driven by broadening the business’s focus to cover financial wellbeing and the launch of technology to assist employers in understanding their workers’ financial needs.

LCP was the lead adviser on 10 buy-in and buyout deals, worth a total of over £100m, in a record year for bulk annuity transactions in the UK.

Deals it advised on included for the pension schemes of Marks & Spencer and Littlewoods.

The firm also secured 49 new actuarial, investment consultancy, DC and pensions administration appointments during the year, of which 12 were to pension schemes over £1bn in size.

Commenting on the results, LCP CEO, Aaron Punwani, said: “This year has been a phenomenal year for LCP, with our talent base, client portfolio and industry reputation reaching new heights.

“As we increase and expand our expertise beyond the traditional pensions market, our priority will still be to provide independent and client focused service as well as offering exciting career development opportunities for talented individuals.”

LCP’s pensions analytics tool is used by more than 350 clients with assets totalling around £240bn.

Overall, the firm’s income increased by 8.5 per cent year-on-year to £115m.

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