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Standard Life completes £280m pension buy-in for Cancer Research UK Scheme

Alex Oakley said: “We are delighted to have been selected to partner with the Trustee and help them achieve their derisking objectives."

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Standard Life has completed a £280m bulk purchase annuity (BPA) deal with the Cancer Research UK Pension Scheme, covering around 2,800 members. 

The transaction was finalised in March 2025 and saw the scheme’s trustee and Cancer Research UK work with Standard Life to meet de-risking aims using a bespoke arrangement.

Mercer advised the trustee on the transaction, with LCP giving investment advice and Sackers providing legal advice. 

Alex Oakley, BPA transaction manager at Standard Life, said: “We are delighted to have been selected to partner with the Trustee and help them achieve their derisking objectives. 

“Throughout this process, we worked closely with the Mercer Risk Transfer team, maintaining open communication at every stage of the process. 

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“These established ways of working together were key to delivering a bespoke solution that addressed the unique needs of the Scheme and the Trustee.”

Oakley added: “This was supported by the Scheme itself, which had undertaken careful preparation before the transaction, and had a clear set of objectives which meant our team could focus on their priorities and efficiently secure member benefits. 

“We are pleased to have the opportunity to enhance our relationship with Cancer Research UK by helping secure long-term financial certainty for their members.”

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Maurice Speer, partner in Mercer’s risk transfer team, said: “This transaction is one I am extremely proud of.  

“Mercer has worked with the Scheme and Charity for many years, guiding the Scheme through its preparation steps, ultimately leading to a successful transaction with Standard Life. 

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“With such high demand from insurers for this Scheme, we shortlisted insurers from the outset based on specifically defined selection criteria.”  

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Speer added: “A key consideration was insurers’ ESG credentials, their ability to offer a range of complex benefits, and member experience post buy-in.  

“With more insurers in the market, defining selection criteria upfront has become increasingly important. 

“With a highly competitive process, we secured a very attractive deal for the Scheme, the members and the Charity.”

Roger Cooper, chair of the Cancer Research UK Pension Trustee Board, speaking for Pi Consulting (Trustee Services) Limited, said: “The Charity and Trustee was targeting a transition to a full buy-in of the Scheme by 2032. 

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“I am delighted that with the support of our advisers and the backing of the Charity the Trustee has achieved this major step towards the eventual winding-up of the Scheme ahead of its original target. 

“The support from Mercer, Sackers and Lane Clark and Peacock has been instrumental in ensuring we were well positioned to go to market and complete the buy-in transition in an efficient and timely fashion. 

“This is a great outcome for the Trustee, the Charity and, most importantly, the members of the Scheme.”

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