Three UK pension schemes have completed buy-in transactions with Standard Life and Pension Insurance Corporation (PIC).
Atradius UK Pension Scheme has concluded a £190m buy-in deal with PIC securing benefits for 361 current pensioners and dependents, 344 deferred members and 66 active members.
The plan is sponsored by Spanish-based Atradius Crédito y Caución S.A. de Seguros y Reaseguros which employs over 3,500 people. The scheme received legal advice from Eversheds-Sutherland and PIC received legal advice from Herbert Smith Freehills.
Michael Thomas, trustee chair of the scheme, said: “The buy-in transaction has gone above and beyond the objectives we set. Isio’s clear [transaction] advice, which made complex points simple to understand, and Eversheds-Sutherland’s pragmatic legal advice, made a significant decision very easy for the trustee.
“We are grateful for PIC’s flexibility in structuring the transaction in a way that meets our objectives and provides security to our members for the long term.”
Adam Dann, origination actuary at PIC, added: “The preparation that the trustees and the company made prior to coming to market and the close collaboration between all the parties involved enabled this successful transaction.”
Halma Group and Apollo schemes
The Halma Group Pension Plan and the Apollo Pension and Life Assurance Plan have completed a combined £250m buy-in deal with Standard Life, securing benefits of 2,200 members.
The Halma Group scheme is sponsored by safety equipment group Halma plc, while the Apollo Pension and Life Assurance Plan is sponsored by Apollo Fire Detectors Limited, whose parent company is Halma. The transactions were completed in September 2024.
The trustees, sponsors and their advisers collaborated closely with Standard Life to meet both plans’ de-risking objectives and secure the buy-ins, significantly reducing risk exposure for the plans and their members.
LCP acted as the lead transaction adviser to the trustee, with investment advice from Mercer and legal advice from Squires Patton Boggs.
Joe Haswell, BPA transaction manager at Standard Life, said: “By collaborating closely with the trustees, sponsors and their respective advisers, we are pleased to provide a secure home for the benefits of over 2,000 members.
“The plans came to market with clear objectives and well-prepared data and benefits, which laid the groundwork for an effective outcome.”
Haswell added that the bulk purchase annuity (BPA) market continues to be busy, and as the end of the year fast approaches “solid preparation like this remains key to the efficient production of quotes in a competitive market”.
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