• Transaction secures the benefits for over 3,600 members

Standard Life has concluded a £700 million Bulk Purchase Annuity (BPA) transaction with the Trustee of the IBM I.T. Solutions Pension Scheme (the “I Plan”).

The buy-in, covering both pensioners and deferred members, secures the benefits of over 3,600 members, while removing funding and investment risk for the I Plan. These members will continue to receive or be entitled to their benefits from the I Plan, just as they were before the transaction.

The Trustee selected Standard Life for the transaction following a competitive process. It builds on an existing relationship between Standard Life and IBM, with Standard Life already operating the IBM UK Personal Pension Plan.

The transaction was completed in November 2025. WTW acted as lead transaction adviser, as well as providing actuarial and investment advice to the Trustee. Sackers provided legal advice to the Trustee.

Jack Hill, Director of Defined Benefit Solutions at Standard Life, said: “It’s been a pleasure to work with the Trustee and its advisers on a transaction where the I Plan members remained central to the process from start to finish. During the competitive selection, the Trustee prioritised an insurer that could provide clarity, confidence, and excellent member experience. Building on an established relationship with IBM, Standard Life is delighted to have the opportunity to reinforce our shared commitment to supporting members now and in the future.”

Robert Tickell, Trustee Chair, said: “We are delighted to have achieved this significant milestone in the I Plan’s de-risking journey. WTW led a thorough and competitive selection process, which led to an excellent outcome for our members. Following which we chose Standard Life as our preferred partner. Standard Life’s strong brand and member-focused proposition played a key role in our decision. The transaction was completed smoothly, and we’d like to take the opportunity to thank all parties for working collaboratively to achieve the best outcome for our members.”

Greg Robertson, Director of Pension Risk Transfer at WTW, said: “This transaction was strategically positioned in the market to maximise insurer engagement. This approach resulted in a highly competitive process and an excellent outcome for the Trustee.”

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About Standard Life

  • Standard Life is a brand that has been trusted to look after peoples’ life savings for over 200 years.
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  • Standard Life is part of Phoenix Group, one of the largest long-term savings and retirement business in the UK. We’re proud to be building on 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.
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