Standard Life, part of Phoenix Group, has concluded a £1 billion Bulk Purchase Annuity (BPA) transaction covering the Chubb Pension Plan and the Chubb Security Pension Fund, which are both sponsored by subsidiaries of APi Group Corporation.

The transaction covers 14,000 pension members over both schemes.

Barnett Waddingham acted as lead actuarial and investment advisers, while legal advice was provided to both sets of Trustees by CMS.

Matt Richards, Senior Business Development Manager at Standard Life, said: “This deal marks a smooth and efficient transaction that has insured the liabilities for almost 14,000 members and enabled the schemes to successfully de-risk in an uncertain economic environment. Throughout the transaction process there has been an open and collaborative approach between all parties, which has been key to the success of this transaction which we are delighted to have completed with the Trustees. Having prepared well, and being willing to move quickly, the Trustees were able to ensure a favourable outcome for their members.”

Brian McGowan, Chairman of both Trustee Boards, said: “We are delighted to have partnered with Standard Life to provide long term security and financial certainty for all members. On behalf of the Trustees, I would like to thank our advisors Barnett Waddingham and CMS for their advice and to thank the sponsoring employer for their support. The various teams worked together extremely well to secure this complicated deal.”