id
- Bulk Purchase Annuity secures the benefits of c8,000 pensioner members
Standard Life, part of Phoenix Group, has concluded a £680 million Bulk Purchase Annuity (“BPA”) transaction covering c8,000 members of the Whitbread Group Pension Fund (“the Scheme”).
The transaction is the first by the Trustee, significantly reducing the risks associated with the underlying members’ benefits.
WTW acted as the lead advisers for this transaction, while legal advice was provided by Reed Smith.
Kieran Mistry, Senior Business Development Manager at Standard Life, commented: “It’s exciting to support the Trustee in securing their first buy-in, taking risk off the table in a volatile economic environment. We thoroughly enjoyed working closely and collaboratively with the Trustee and its advisers to secure this transaction. We look forward to partnering with the Fund on its journey. For schemes who have not yet reached buyout, pensioner buy-ins continue to offer a fantastic opportunity to lock down risk over time, and form strategic partnerships with insurers along the way.”
Keith Jones, Chair of Whitbread Pension Trustees said: “This buy-in is a key stage in the Fund’s de-risking journey. It helps to provide greater certainty to members about the security of their benefits and we are delighted to have completed it with Standard Life.”
Whitbread PLC was advised by LCP and Slaughter and May.
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Media enquiries
For further information, photos, video content or interviews, contact:
Jonathan Henderson
Head of PR
Standard Life, part of Phoenix Group
07716 090707
Jonathan_Henderson@standardlife.com
Notes to editors
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.
- The value of investments can go down as well as up, and may be worth less than originally invested.
Press releases
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Standard Life completes 1bn GBP full scheme buy-in of the WH Smith Pension Trust
Standard Life, part of Phoenix Group, has concluded a 1bn GBP Bulk Purchase Annuity transaction covering c.13,000 members of the WH Smith Pension Trust
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Standard Life completes 150m GBP full scheme buy-in of the Sappi UK Pension Scheme
Standard Life, part of Phoenix Group, has concluded a 150m GBP Bulk Purchase Annuity transaction covering 1,300 members of the Sappi UK Pension Scheme
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Pausing pension contributions mean savers miss out on thousands in future
Standard Life highlights the long-term implications of pausing pension contributions during the cost-of-living crisis - a year-long break could be costly
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Standard Life completes 680m GBP buy-in of the Whitbread Group Pension Fund
Standard Life, part of Phoenix Group, has concluded a 680 million GBP Bulk Purchase Annuity transaction covering c8,000 members of the Whitbread Group Pension Fund
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Seven mistakes to avoid when you're aiming to build your pension pot
Standard Life shares mistakes it's important to avoid while you plan for retirement.
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Standard Life lowers Pricing and overhauls Portal in ongoing adviser channel focus
Standard Life is introducing a series of upgrades to its pension pricing and revamping its digital services as part of strategic plans to rejuvenate proposition and service capability for financial advisers.
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Savers suffer as analysis shows harsh impact of high inflation over sustained period
New Analysis from Standard Life shows impact of sustained high inflation on savers
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Standard Life Appoints Managing Director of Retail Intermediary to New Senior Role
Appointment marks renewed investment, focus and commitment to the intermediary marketplace
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Sustainable transformation for 87,000 Standard Life MT Members
Standard Life Completes the switch of 87,000 Master Trust members to its new sustainable fund, Sustainable Multi Asset
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Focus on Active phase of retirement puts Brits at risk of later life financial shortfall
UK adults risk potential financial shortfall in later life by focusing on initial, active phase of retirement - New Research from Standard Life reveals
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Standard Life completes 175m GBP full scheme buy-in of the Findel Group Pension Fund
Standard Life, part of Phoenix Group, has concluded a 175M GBP bulk purchase annuity transaction covering all members of the Findel Group Pension Fund
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Gen Z gets its affairs in order at an early age as Will making habits revealed
Insight from Standard Life reveals that as many as 20% of young adults aged 18 to 24 have already made a Will.
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Standard Life makes senior hire to its Defined Benefit Solutions team
Standard Life, part of Phoenix Group, announces the appointment of three hires to its Defined Benefit Solutions business, strengthening the company's Bulk Purchase Annuity capabilities.
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Standard Life launches Joint Research Initiative with the OECD
The new initiative will examine the challenges people face regarding retirement income and identify approaches being used globally
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Standard Life to offer a range of workplace ISAs in partnership with Cushon
The Standard Life Workplace Savings Proposition in partnership with Cushon will provide employers with the option of offering their employees access to a range of savings options from Individual Savings Account (ISA) and Lifetime ISA (LISA) to Junior ISA (JISA) and a General Investment Account (GIA).
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Standard Life enhances workplace Client Analytics
Client Analytics' enhanced functionality gives employers, trustees and advisers unprecedented insight into the expected Retirement Living Standards of their workplace pension scheme members
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Standard Life completes 1.7bn GBP full scheme buy-in with Gallaher Pensions
Standard Life, part of Phoenix Group, has concluded a 1.7bn GBP bulk purchase annuity transaction covering all members of the Gallaher Pension Scheme ("the Scheme").
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Phoenix Group 4.0 billion of Bulk Purchase Annuity transactions
Phoenix Group completes 4.0 billion of Bulk Purchase Annuity transactions in H2 2021
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15bn GBP of assets and 1.5m pension customers to move to sustainable default strategy
Newly evolved sustainable strategies to be embedded for over 1.5 million pension customers as Standard Life announces it is to make a series of changes to its largest default pension fund propositions.
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Standard Life Completes 1.8bn GBP Bulk Purchase Annuity Pensioner Buy-In
Standard Life, part of Phoenix Group, has completed a 1.8bn GBP Bulk Purchase Annuity (BPA) transaction covering c.6,600 pensioner members.
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Flexible New Lifetime Mortgage Product Range
Standard Life Home Finance, a brand used by Key Group as part of its partnership with Standard Life, today announces the launch details of a new range of innovative Lifetime Mortgage products.
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PerkinElmer pension scheme buy-in
Standard Life completes 130 million pound full scheme buy-in for 900 PerkinElmer scheme members
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Gen Z's caring nature revealed
Gen Z's caring nature revealed as 62% happy to spend less now to help their children and loved ones in future
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Phoenix Group invests in Standard Life brand as part of ambitious growth plans
Investment plans unveiled for iconic Standard Life brand following purchase by Phoenix Group
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Standard Life announces strategic partnership with Key Group
Standard Life announces a strategic agreement with Key Group to launch a Lifetime Mortgage product range called Standard Life Home Finance.
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Standard Life launches Homebuyers Hub
Property ladder boost for Pension Scheme Members as Standard Life launches Homebuyer Hub.
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Gen xers not confident
A third of Gen Xers not confident they'll be able to work for as long as they need to fund their retirement
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Nearly 1 in 3 Gen Xers have inadequate pension savings
Nearly one in three Generation X members (those born between 1965 and 1980) face financial hardship in retirement due to having inadequate pension savings.
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Standard Life Launches In-Scheme Drawdown
Standard Life continues to enhance its workplace DC pension proposition with the launch of In-Scheme Drawdown for 1.5 million members.
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Standard Life expands Responsible Investment range
Standard Life is expanding the range of Responsible Investment funds it offers to pension savers.
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New board directors for SLMTC
Standard Life Assurance Limited today announces three new board appointments to the Standard Life Master Trust Co Ltd (SLMTC).
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Standard Life awarded Master Trust Authorisation
Standard Life Assurance Limited today announces it has received authorisation from The Pensions Regulator (TPR) for its two master trusts.