3 July 2026

XPS Pensions Group plc
(the "Company")

TRANSACTIONS BY DIRECTORS / PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

XPS announces that, on 1 July 2026, Ben Bramhall (Co-Chief Executive Officer), Paul Cuff (Co-Chief Executive Officer) and Snehal Shah (Chief Financial Officer), all Directors and persons discharging managerial responsibilities ("PDMRs"), were granted awards under the Company's Performance Share Plan ("PSP"), and under the Company's Deferred Share Bonus Plan ("DSBP") as set out below.

Performance Share Plan - The value of the PSP awards was calculated by reference to the price of an ordinary share on 30 June 2026, being 307.75p. The awards were made in the form of nominal-cost options which will generally become exercisable on the third anniversary of the date of grant, subject to the satisfaction of the following performance targets: (1) 70% of the awards are subject to an Earnings Per Share (EPS) growth target whereby 25% vests for compounded annual growth (CAG) of 5% and 100% vests for CAG of 10% (with vesting on a straight-line basis for performance between 5% and 10% CAG and no vesting for performance below 5% CAG); (2) 20% of the awards are subject to a relative Total Shareholder Return (TSR) target whereby 25% vests for median ranking and 100% vests for upper quartile ranking (with vesting on a straight-line basis for performance between median and upper quartile ranking and no vesting for a ranking below median), the TSR Comparator Group consists of the constituents of the FTSE 250 Index (excluding investment trusts); and (3) 10% of the awards are subject to a performance measure relating to reducing the Company's CO₂ emissions (scope 1 and 2), whereby 25% vests for 20% reduction in emissions / number of employees and 100% vests for 30% reduction in emissions / number of employees (with vesting on a straight-line basis for reduction between 20% and 30% and no vesting for a reduction less than 20%).

Deferred Share Bonus Plan - The value of the DSBP awards was calculated by reference to the price of an ordinary share on 26, 29 and 30 June 2026 (averaged), being 308.25p. The options will vest on the second anniversary of the date of grant, in accordance with and subject to the DSBP plan rules.

Once vested, the options will be exercisable until the tenth anniversary of the date of grant.

Further details are set out in the below notification, made in accordance with the requirements of the UK Market Abuse Regulation. 

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Notes to Editors:

XPS Group is a leading consulting and administration business focused on UK pension schemes and insurers. XPS combines expertise, insight and technology to address the needs of over 1,300 pension schemes and their sponsoring employers on an ongoing and project basis, also providing advice and administration to UK insurance companies. We undertake pensions administration for c. 1.2 million members and provide advisory services to schemes and corporate sponsors in respect of schemes of all sizes, including 83 with assets over £1bn.