M&G completes £100m BPA Plus transaction for Miller Insurance

M&G has completed a £100m bulk purchase annuity (BPA) for Miller Insurance, securing pension benefits for 550 members of the Miller Retirement Benefits Scheme. 

The deal used M&G’s ‘BPA Plus’ proposition, which combines traditional bulk annuity security with the potential for discretionary bonuses from the £132bn with profits fund. 

Prudential Assurance Company Limited executed the transaction.

The trustee was advised by LCP as risk transfer and investment adviser, Barnett Waddingham as scheme actuary and administrator, and Hogan Lovells as legal adviser. 

The trustee chose M&G for its pricing, accelerated transition to buy-out and the potential upside for members from bonus payments.

Rosie Fantom, head of bulk annuity origination & execution at M&G, said: “We’re pleased to support Miller Insurance in providing long-term security for its pension scheme members. 

“This transaction demonstrates the benefits of BPA Plus, combining the certainty of a bulk annuity with the opportunity to deliver enhanced outcomes over time. 

“We look forward to continuing our partnership with the Trustee.”