Standard Life, part of Phoenix Group, said it has concluded a £175 million bulk purchase annuity (BPA) transaction covering all 2,000 members of the Findel Group Pension Fund.
Rhian Littlewood, senior business development manager at Standard Life, said: “This transaction reinforces Standard Life’s ongoing commitment to the BPA market and continued expansion of our proposition, supporting trustees and sponsors in de-risking their pension schemes by providing flexible solutions to suit varying needs and requirements.”
The Trustees were advised by Barnett Waddingham, FRP Advisory and Pinsent Masons.
PwC advised the sponsoring employer.
Steve Delo, chair of PAN Trustees UK LLP and chair of the Trustee, said: “The transaction will deliver security to the members of the Findel Group Pension Fund and reflects many years of hard work by a strong and attentive Trustee Board and their advisers, along with contributions from the sponsoring employer.
“On behalf of the Trustee, I would like to thank all our advisers including Barnett Waddingham, FRP Advisory and Pinsent Masons for their advice and support in getting the Fund to this stage.
“I also thank PwC in their role as lead advisers to the sponsoring employer on this transaction and it is pleasing to see how well the Trustee and employer advisers worked together on this buy-in.”
Robert Hawkes, Partner at Barnett Waddingham and Scheme Actuary to the Fund, said: “Securing the buy-in represents a significant achievement for the fund.
“The individuals that make up the Trustee Board have been so impressive in their engagement and drive over the years to achieve the objectives for the benefit of the members of the Fund.”