Royal London completes £208m BPA transaction with the Hickson UK Group Pension Scheme

Royal London has completed a £208m bulk purchase annuity (BPA) transaction with the trustees of the Hickson UK Group Pension Scheme. 

The deal secures the benefits of more than 1,250 members. 

Barnett Waddingham acted as risk transfer adviser, Pinsent Masons as legal adviser and Mercer as investment adviser. 

Royal London was advised by Mayer Brown.

Mark Sharkey, BPA origination lead at Royal London, said: “This transaction with the trustees of the Hickson UK Group Pension Scheme demonstrates our growing track record in the mid-sized BPA market, with our sixth transaction over £200 million.

“The trustees’ long-standing relationship with RLAM established a strong starting point for us to really understand their priorities and develop a tailored BPA solution. 

“That extended to moving at pace to meet the Scheme’s evolving needs at the point of exclusivity.”

Nikhil Patel, head of bulk annuities at Barnett Waddingham, part of Howden, said: “In such a competitive space in the market, the transaction led to some strong proposals for the trustees to consider.