M&G completes £140m BPA for Panasonic

M&G has completed a £140m bulk purchase annuity (BPA) for the Panasonic UK Pension Plan, securing the pension benefits of around 650 members. 

The deal was completed by the Prudential Assurance Company, a subsidiary of M&G.

The trustees picked M&G for its financial position and administration capabilities. 

LCP acted as lead transaction adviser, scheme actuary and investment adviser. 

Gowling WLG gave legal advice to the trustees on contract terms, and Squire Patton Boggs advised on the insured benefits.

Rosie Fantom, head of bulk annuity origination & execution at M&G, said: “We’re pleased to have worked with the Trustees of the Panasonic UK Pension Plan to deliver a solution tailored to the Plan’s needs, securing the benefits of around 650 scheme members. 

“The transaction benefitted from having pre-agreed terms in place under LCP’s streamlined buy-in service which allowed us to execute the transaction in just over three weeks after agreeing exclusivity. 

“Our ability to execute transactions quickly and effectively reflects M&G’s strength and expertise in the market and we will continue building on this to support trustees in managing pension risk and deliver certainty for members.”