M&G completes £100m BPA Plus transaction

M&G completed a £100m bulk purchase annuity (BPA) transaction covering the benefits of 650 members of a pension scheme sponsored by a UK financial services company.

The deal was completed through M&G’s BPA Plus proposition and used its £138bn With-Profits Fund.

The transaction was carried out by the Prudential Assurance Company Limited, M&G’s wholly owned subsidiary.

The trustee was advised by Howden Employee Benefits, which also provided actuarial and administration support. 

Mills & Reeve provided legal advice.

Rosie Fantom, head of bulk annuity origination and execution at M&G, said: “This transaction demonstrates how trustees are increasingly looking beyond securing benefits and focusing on the value that can be delivered to members over the long term. 

“Through BPA Plus, these pension scheme trustees have secured members’ benefits while also giving them the opportunity to benefit from potential future discretionary bonuses through M&G’s With-Profits Fund. 

“We are pleased to be supporting the Trustee and look forward to providing members with the security and service they expect throughout their retirement.”