Marvin OnumonuStandard Life has completed a £700m bulk purchase annuity (BPA) deal with the trustee of the IBM I.T. Solutions Pension Scheme, known as the I Plan.
The transaction covers over 3,600 members, including pensioners and deferred members.
This deal removes funding and investment risk from the I Plan.
Members will still receive or be entitled to their benefits from the I Plan as before.
The trustee selected Standard Life after a competitive process.
WTW acted as lead transaction adviser and also gave actuarial and investment advice to the trustee.
Sackers gave legal advice.
Jack Hill, director of defined benefit solutions at Standard Life, said: “It’s been a pleasure to work with the Trustee and its advisers on a transaction where the I Plan members remained central to the process from start to finish.
“During the competitive selection, the Trustee prioritised an insurer that could provide clarity, confidence, and excellent member experience.
“Building on an established relationship with IBM, Standard Life is delighted to have the opportunity to reinforce our shared commitment to supporting members now and in the future.”
Robert Tickell, trustee chair, said: “We are delighted to have achieved this significant milestone in the I Plan’s de-risking journey.
“WTW led a thorough and competitive selection process, which led to an excellent outcome for our members.
“Following which we chose Standard Life as our preferred partner.”
Tickell added: “Standard Life’s strong brand and member-focused proposition played a key role in our decision.
“The transaction was completed smoothly, and we’d like to take the opportunity to thank all parties for working collaboratively to achieve the best outcome for our members.”
Greg Robertson, director of pension risk transfer at WTW, said: “This transaction was strategically positioned in the market to maximise insurer engagement.
“This approach resulted in a highly competitive process and an excellent outcome for the Trustee.”
