Standard Life, part of Phoenix Group, has successfully concluded a £250 million Bulk Purchase Annuity transaction with the Finning Pension Scheme, which is sponsored by Finning (UK) Ltd., a Caterpillar machinery dealership.

“This full scheme buy-in transaction, which completed in December 2024, covers all c. 2,170 members of the Scheme,” said Phoenix Group.

“The Trustee and sponsor collaborated closely with Standard Life to meet the Scheme’s derisking objectives to secure this buy-in following a competitive auction process.

“Aon acted as the lead transaction adviser to the Trustee, with investment advice from Hymans Robertson and legal advice from Gowling WLG.”

Alex Oakley, BPA Transaction Manager at Standard Life, said: “We pride ourselves on being able to provide the very best solutions to support schemes and their trustees in meeting their de-risking objectives.

“In this case, our ability to meet the specific needs of the Scheme and work with their existing processes ensured a smooth and efficient de-risking journey and a successful outcome for all involved.

“Insurers continue to play a crucial role in this highly active DB de-risking market, and we remain focused on collaborating closely with schemes and trustees to deliver tailored solutions that align with their long-term objectives.”