Marvin OnumonuBroadstone has advised the trustees of the British Heart Foundation Staff Pension Scheme on a £37m buy-in with Royal London.
The scheme, backed by the British Heart Foundation, covers more than 200 members, including 118 pensioners, their dependants and 85 deferred pensioners.
The deal was completed in 14 business days after Royal London was given exclusivity by the trustees.
Broadstone led the risk transfer project, while Osborne Clarke acted as legal advisers to the trustees.
Bob Jenkinson, deal lead at Broadstone, said: “Broadstone was first appointed to provide services to the Scheme over 20 years ago, so we are incredibly proud to have helped the Scheme and Charity reach such a key milestone.
“Completing the transaction in only 14 days is an amazing achievement and demonstrates our ability to deliver against both long-term and short-term objectives.”
Roshan Teeluck, chair of trustees at British Heart Foundation, said: “Above all, this positive news improves the security of providing benefits payable to the members of the Scheme and their dependants.
“We are therefore incredibly pleased to have achieved this important milestone with Royal London, with excellent support from our advisers and BHF.”
Beatrice Male, BPA origination lead at Royal London, said: “We see strong alignment in the values of Royal London and the British Heart Foundation Staff Pension Scheme, and we’re proud to be entrusted with safeguarding the benefits of their pension scheme’s members.
“Prior to this transaction, the British Heart Foundation Staff Pension Scheme has been a long-term client of our investment business, Royal London Asset Management, and this transaction will only deepen the relationship between us.”
