Sackers re-elects Pittaway as senior partner for fourth time

Sackers has re-elected Ian Pittaway as its senior partner for his fourth consecutive term, which will run for three years from April 2014.

The firm’s partners voted unanimously for Pittaway in the uncontested election. 

Since first becoming senior partner in 2005, Pittaway has helped the single-site pensions boutique to increase its revenue and net profit to record levels.

Sackers, which manages its accounts on a calendar year basis, saw its turnover increase by 1.3 per cent in 2012 from £24m to £24.3m. Meanwhile, net profit rose by 4 per cent from £12m to £12.5m (10 July 2013). 

Both figures are at their highest level since the firm broke into the top half of The Lawyer’s UK 200 in 2006/07 with turnover of £19.1m and net profit of £10.4m. 

However, its profit per equity partner fell by 11 per cent in 2012, from £860,000 to £765,000 – largely due to the addition of three new equity partners. 

Pittaway oversaw the firm’s relocation into new offices in 2011, and the establishment of a new finance and investment team geared purely towards advising the firm’s pension fund clients.

He said: “Politicians and civil servants can’t keep their hands off pensions. They love to meddle with it, and over the last 25 years the area has become increasingly regulated. The market is always changing, and we need to keep updating ourselves so our model remains fresh.”

In addition to his senior partner management duties, Pittaway continues to work full-time in a fee-earning capacity at the firm with a chargeable hour target. He is also the independent chairman or trustee of several pension funds. 

Sackers has more than 500 pension funds on its books, including Cancer Research, as well as regulators such as the Pension Protection Fund. 

The firm recently won a competitive tender to advise the trustees of the Total UK Pension Plan, a £2.6bn scheme.