Standard Life completes £260m buy in with ReAssure Staff Pension Scheme
The buy-in covers approximately 1,500 deferred members and 1,250 pensioners and dependants.
Standard Life completed a £260m bulk purchase annuity (BPA) transaction with residual risk cover for the ReAssure Staff Pension Scheme, securing benefits for around 2,750 members.
The buy-in covers approximately 1,500 deferred members and 1,250 pensioners and dependants.
Standard Life worked with the trustee and advisers ahead of the transaction to align the outcome for the scheme and its members.
Mercer acted as risk transfer adviser to the trustee, with legal advice from Gowling WLG.
Emma Haylock, PRT transaction manager at Standard Life, said: “Reaching this stage reflects the close collaboration between the Trustee, sponsor and advisers over several months.
“By working together with a shared focus on achieving the right outcome, we’ve been able to support a transaction that strengthens long-term security for all members.
“This is a positive step forward for the Scheme and its future.”
Chris Martin, IGG, chair of trustee, said: “I’m delighted that we have successfully completed this buy-in, which insures the benefits of all our members.
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