- Bulk Purchase Annuity insures the benefits of c.14,000 pension scheme members
Standard Life, part of Phoenix Group, has concluded a £1 billion Bulk Purchase Annuity (“BPA”) transaction covering two schemes, the Chubb Pension Plan (“the Plan”) and the Chubb Security Pension Fund (“the Fund”), which are both sponsored by subsidiaries of APi Group Corporation.
The transaction was agreed in June 2023 and covers c.14,000 pension members over both schemes.
Barnett Waddingham acted as lead actuarial and investment advisers, while legal advice was provided to both sets of Trustees by CMS.
Involving two schemes, the buy-in is a prime example of the continued growth of Standard Life’s BPA proposition, and further highlights Standard Life’s strength in, and commitment to, the BPA market.
Matt Richards, Senior Business Development Manager at Standard Life, said: “This deal marks a smooth and efficient transaction that has insured the liabilities for almost 14,000 members and enabled the schemes to successfully de-risk in an uncertain economic environment. Throughout the transaction process there has been an open and collaborative approach between all parties, which has been key to the success of this transaction which we are delighted to have completed with the Trustees. Having prepared well, and being willing to move quickly, the Trustees were able to ensure a favourable outcome for their members.”
Brian McGowan, Chairman of both Trustee Boards, said: “We are delighted to have partnered with Standard Life to provide long term security and financial certainty for all members. On behalf of the Trustees, I would like to thank our advisors Barnett Waddingham and CMS for their advice and to thank the sponsoring employer for their support. The various teams worked together extremely well to secure this complicated deal.”
Simon Bramwell, Partner at Barnett Waddingham, said: “We are very proud to have advised the Trustees on these sizeable and complex buy-ins. This could not have been achieved without the significant amount of preparatory work carried out by the Trustees and the efforts of all parties working closely together to get the best result for both schemes.”
Amanda Chamming’s, Partner at CMS, said: “We are delighted to have advised the Trustees on this transaction with Standard Life. Collaboration with Barnett Waddingham, Standard Life and all other parties involved was a key element to delivering the buy-ins on time in such a busy market. It’s really pleasing to secure such a positive outcome for members of the schemes.”
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Senior PR Manager at Standard Life, part of Phoenix Group
About Standard Life
- Standard Life is a brand that has been trusted to look after peoples’ life savings for nearly 200 years.
- Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.
- Standard Life is part of Phoenix Group, the largest long-term savings and retirement business in the UK. We’re proud to be building on nearly 200 years of Standard Life heritage together.
- Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.
- We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about.
- Standard Life is the proud headline sponsor of Race for Life, Cancer Research UK’s flagship fundraising event series.