Marvin OnumonuM&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.
“This was a key de risking milestone for both the Plan and for Senior plc. The Trustee were impressed by M&G’s approach and confident they will provide strong support during this next phase of the Plan’s life and in continuing to serve the members.
“The process ran smoothly and the highly collaborative approach between M&G and the Plan’s advisers was instrumental to ensuring a successful transaction.”
David Fink, partner at LCP, said: “It was a pleasure to support the Trustee on this significant transaction and achieve an excellent result for all stakeholders.
“The success of this transaction was driven by strong alignment between the Trustee and Senior plc, M&G and advisory teams and a shared focus on delivering certainty and a positive experience for members.”
