Marvin OnumonuRoyal London has completed its tenth bulk purchase annuity (BPA) transaction with a £22m buy-in for the London Waste Limited Pension Scheme.
The deal covers around 200 scheme members.
Moin Patala, BPA origination lead at Royal London, said “This transaction, our tenth in total, continues to demonstrate that we have a compelling bulk annuity offering for trustees and their members.
“The collaboration between London Waste Limited Pension Scheme and our other stakeholders helped showcase real nimbleness, with the contract signed within three weeks of entering formal exclusivity.
“It was excellent working with Hymans Robertson and Capital Cranfield. We’re especially pleased to work with John Nestor again – it’s brilliant to see trustees returning to us so quickly at this stage in our journey, as it highlights the strength of our proposition, customer service, and in-house BPA administration.”
Iain Church at Hymans Robertson said “We’re delighted to have supported the Trustee in delivering this successful buy-in — a key step in de-risking the scheme and enhancing member security.
“This outcome was made possible thanks to the agile and experienced decision-making of the sole trustee model, and the close collaboration and financial support from the sponsor. We look forward to continuing to support the Scheme in the next phase of its journey.”
John Nestor, professional trustee and chair of trustees at Capital Cranfield, said “My colleague Ryan Ellett and I, the former Trustees and the Employer, London Energy, are delighted to reach this milestone in the de-risking journey for the scheme.
“We were especially impressed by the cultural bond that the stakeholders set as the foundation in the discovery stage of the process.
“All stakeholders agreed on the mission, the part they would play and the resources they could provide in the delivery of the de-risking exercise.”
Nestor added: “This has been a priority for the scheme and the Employer and although there were some initial setbacks in the early stages all the advisers pulled together to resolve the issues.
“We believed that Royal London could provide a strong proposition to the Trustee and all stakeholders, and this belief was matched by the solution delivered in a very efficient and competitive manner.
“We are pleased to be working closely with the team at Royal London once again.”
