M&G completes £96m buy-in with UK pension scheme

M&G has completed a £96m bulk purchase annuity (BPA) for a UK pension scheme sponsored by a US parent company. 

The deal secures the pension benefits for more than 1,000 scheme members. 

The transaction was handled by the Prudential Assurance Company, M&G’s life and pensions subsidiary.

Prudential worked closely with the trustee, the company, and advisers to insure the final group of members and move towards a full scheme buyout by December 2025. 

The arrangement included insuring residual risks from the point of buy-in, offering long-term protection to both the trustee and the company.

Kerrigan Procter, managing director of corporate pensions solutions at M&G, said: “We are proud to have supported the Trustee and Company through the final stage of their de-risking journey. 

“By insuring residual risks and committing to a full buyout by the end of this year, we’ve delivered certainty and long term security to both the Company and the pension scheme members. 

“Looking ahead, we will continue to harness the strength of our integrated business model and deep expertise in private markets to design innovative de-risking solutions that respond to the evolving needs of our clients and the broader pensions landscape.”