Marvin OnumonuRoyal London has completed a £45m bulk purchase annuity (BPA) deal with the Pandrol Group Pension Scheme, covering around 200 members.
The firm worked with the trustee board, Pandrol Limited, and advisers to get the transaction over the line.
Barnett Waddingham gave actuarial, administration, and investment advice, as well as risk transfer support.
Mark Roberts, scheme actuary at Barnett Waddingham, worked alongside CMS, the scheme’s legal adviser.
PwC and Gunnercooke advised Pandrol.
Victoria Smith, BPA origination manager at Royal London, said: “Working closely with the Trustee, Pandrol and their respective advisers in a sole-insurer capacity enabled us to deliver a smooth and efficient transaction that reflects our mutual values and our commitment to brilliant customer outcomes.
“With a clear focus on collaboration and execution, we look forward to supporting the Scheme over the coming months and years to continue to deliver benefits to members.”
Richard Gibson, risk transfer partner at Barnett Waddingham, said: “It has been great to lead this transaction.
“Having been a long-standing client of Barnett Waddingham, we were able to ensure that the Scheme was well prepared and able to move quickly when an opportunity to secure members’ benefits arose.
“The collaborative approach taken by the Trustee board, the Employer, all advisers and Royal London has been key to the success of the project.”
Susan Anyan of Capital Cranfield, said: “We are delighted to have been able to take the opportunity to complete this transaction, securing all of our members’ pensions with a highly reputable insurer.
“This successful outcome reflects an ambitious collaboration between the Trustee and Pandrol, supported by proactive and practical advice from our advisers.”
