M&G completes £180m BPA with Senior plc

M&G has completed a bulk purchase annuity (BPA) buy-in worth around £180m, securing pension benefits for over 3,000 members of the Senior plc Pension Plan. 

The transaction was carried out by the Prudential Assurance Company limited, which is part of M&G, and completed in 2025.

The firm worked closely with the trustee and their advisers to make sure the buy-in was completed on time and in line with the plan’s schedule. 

M&G offered a tailored solution including residual risk cover, which was important for this deal.

LCP acted as lead transaction adviser for the plan, with Osborne Clark providing legal advice to the trustee and CMS supporting M&G with legal work.

Rosie Fantom, head of bulk annuity origination & execution at M&G, said: “We are pleased to have partnered with the Trustee and worked with LCP to deliver a smooth and timely buy-in for the Plan. 

“This transaction highlights our ability to work flexibly with clients and provide exceptional member experience, something that is becoming ever more important given the increased funding level of schemes.”

Sarah Leslie, director at ndapt and the plan’s newly appointed chair of trustee, said: “The Trustee and Senior plc worked diligently to complete this transaction with M&G, providing greater certainty for members.