BT PENSION SCHEME MANAGEMENT LIMITED

1. BT PENSION SCHEME MANAGEMENT LIMITED 2010-01-04 → present
2. HERMES PENSION FUND MANAGEMENT LIMITED 2007-12-14 → 2010-01-04
3. HERMES SHELF COMPANY NO. 1 LIMITED 2004-06-15 → 2007-12-14

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Group has sufficient financial resources and, as a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. The majority of Brightwell's income is from the BTPS, therefore the Directors have considered the BTPS's ability to continue as a going concern. In reaching the going concern conclusion, the Directors considered the resources available to the Group, forecast expenses and income and post-year end events, and reviewed severe but plausible downside scenarios whereby Brightwell could suffer a material revenue reduction, incur significant unbudgeted costs, or experience significant business disruption impacting its service delivery.”

Group structure

1. BT PENSION SCHEME MANAGEMENT LIMITED · parent
   1. BT Pension Scheme Administration Limited 100% · England and Wales · Provision of pension administration services
   2. Brightwell Pensions Limited 100% · England and Wales · Dormant
   3. Brightwell Pensions Holdings Limited 100% · England and Wales · Dormant
   4. Brightwell Administration Limited 100% · England and Wales · Dormant
   5. Brightwell Administration Holdings Limited 100% · England and Wales · Dormant
   6. Brightwell Pension Administration Limited 100% · England and Wales · Dormant
   7. Brightwell Pension Management Limited 100% · England and Wales · Dormant
   8. Brightwell Management Holdings Limited 100% · England and Wales · Dormant
   9. Brightwell Member Services Limited 100% · England and Wales · Dormant
   10. Procentia Limited 96.03% · England and Wales · Development, maintenance and support of software to the pensions and benefits industry
   11. Procentia Inc 96.03% · United States of America · Development, maintenance and support of software to the pensions and benefits industry

Significant events

• “At the start of the year, we went live as the administrator for the Mineworkers' Pension Scheme (MPS) following a transition taking just over 11 months.”
• “During the year, we supported the BTPS Trustee to help protect the Scheme from the cost of unexpected increases in members' life expectancy with two new longevity reinsurance transactions totalling £10bn.”
• “The Pensions Schemes Bill, published in June 2025, outlined a number of groundbreaking reforms touching every area.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +3.7%

  £73,824,272 → £76,585,712

• Cash

  -1.9%

  £44,341,259 → £43,479,314

• Net assets

  +6.8%

  £49,662,339 → £53,016,011

• Employees

  +15.4%

  358 → 413

• Operating profit

  -64.4%

  £9,578,453 → £3,406,180

• Profit before tax

  -53.7%

  £11,491,715 → £5,325,012

• Wages

  +15.9%

  £31,575,697 → £36,585,671

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers