Marvin OnumonuStandard Life has completed a £52m bulk purchase annuity (BPA) with The Amtico Company Pension Scheme, covering 425 members.
The buy-in means members with both defined benefit and defined contribution pensions will keep the link between the two.
Barnett Waddingham acted as lead adviser to the trustee, with legal support from Pinsent Masons.
Alex Oakley, BPA transaction manager at Standard Life, said: “Standard Life has worked closely with the Scheme for several years.
“Our established relationship and deep understanding of the Scheme’s objectives enabled us to work in partnership to deliver a smooth and timely buy-in.
“It’s a strong example of how continuity and collaboration can drive successful outcomes for pension schemes.”
Oakley added: “In this case, it’s rewarding to support the needs of employers with both DB and DC schemes, and in doing so, ensure members have a more integrated and streamlined retirement planning experience.”
Mark Tinsley, scheme actuary at Barnett Waddingham, said: “We are proud to have supported The Amtico Company Pension Scheme since its inception, providing a full range of services throughout its journey.
“Our longstanding partnership with the trustees has been built on a shared commitment to delivering the best outcomes for members.
“We are therefore delighted to have completed this buy-in, securing members’ benefits for the long term.”
Nikhil Patel, head of bulk annuities at Barnett Waddingham, said: “A feature of this project has been the strong collaboration between the Trustee, Amtico and all the advisers to clearly define the important features of the transaction, whilst always considering the resulting member outcomes.
“This allowed us to ultimately work with Standard Life to secure a positive outcome for all parties.
“It has been a pleasure supporting the Scheme reach this key milestone.”
Katie Ivens, partner at Pinsent Masons, said: “We are delighted to have worked alongside the other advisers to successfully deliver the buy-in with Standard Life for The Amtico Company Pension Scheme.
“This marks a significant milestone in securing long-term benefits for members, and it’s been a pleasure to collaborate with the wider advisory team, the Trustee, Amtico and Standard Life to achieve this outcome.”
Jason Shelley, HR director at Amtico, said: “Following an exhaustive selection process to identify Amtico’s legacy DB Pension Scheme’s preferred partner, Standard Life were selected, and it’s been a pleasure to work with them during this transaction.
“Since 2015, Standard Life has provided our DC members with high levels of customer service and continues to develop its member experience and engagement solutions, particularly online.
“This transaction means that all our DB, DC Master Trust, and hybrid members now have the comfort of having their funds secured with, and managed and administered by, a long standing, trusted partner.”
Shelley added: “Amtico would like to thank the Scheme’s Trustee Board for its efforts over many years to protect members’ best interests and secure this buy-in, and Barnett Waddingham and Pinsent Masons for their advice and guidance during this project.”
Bill Newman, chairman of the trustees, said: “Amtico and Standard Life have developed an effective mutual relationship which has improved pension outcomes for members of our DC Scheme in the Standard Life Master Trust.
“Now, the recent buy-in transaction will secure the DB scheme and ensure that members’ pensions are administered by a trusted partner going forward.”
