Standard Life secures £200m buy-in for Abbey Life pension scheme members

Standard Life completed a £200m bulk purchase annuity (BPA) transaction with the Abbey Life Assurance Company Limited Staff Pension Scheme. 

The deal secures the pension benefits for 1,584 members, including around 600 deferred members and approximately 900 current pensioners and dependants.

Aon advised the trustee, and legal advice was provided by Linklaters.

Lauren Doherty, pensions risk transfer transaction manager at Standard Life, said: “The buy in represents an important de risking milestone for the Scheme and our long standing relationship and clear alignment on the Scheme’s goals allowed all parties to work closely together, supporting an efficient transaction timetable and a smooth route to completion. 

“This marks a positive step in securing members’ benefits for the long term.”

Michael Walker, partner at Aon, said: “As the long-standing Scheme Actuary, Investment Adviser and Risk Settlement adviser, we are pleased to have been able to support the Trustee throughout this process, delivering a positive outcome for all stakeholders. 

“Collaboration was key to this complex transaction, and it has been a pleasure to work with the Trustee, Standard Life and both parties’ advisers.”

Neil Tointon, chair of trustees, said: “We are pleased to have reached this significant milestone for the Scheme and to achieve benefit security for our members through the buy-in.