- 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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Standard Life, part of Phoenix Group
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.