Royal London completes £45m buy-in for Pandrol Group Pension Scheme
Barnett Waddingham gave actuarial, administration, and investment advice, as well as risk transfer support.
Royal 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.
Related
Just Group completes £4m buy-in for Combat Stress pension scheme
Canada Life completes £48m buy-in with oil and gas sector pension scheme
Canada Life completes £55m buy-in with energy market pension scheme
Broadstone advises Stantec Pension Plan (UK Section) on full buy-in with Aviva
Broadstone advises STS Field Grant Limited Pension Scheme on £5m full scheme buy-in with Aviva
Pension scheme funding improves in June despite political uncertainty – Broadstone
Rothesay launches dedicated offering for smaller pension scheme transactions
TPR sets out five-year strategy to improve pension outcomes for savers
DWP sets out phased roadmap for workplace pension reforms
ABI calls on Pensions Commission to raise auto-enrolment pension contributions to 12%
