id
- The buy-in secures the benefits of all members of the Findel Group Pension Fund
Standard Life, part of Phoenix Group, has concluded a circa £175M bulk purchase annuity transaction covering all members of the Findel Group Pension Fund (“the Fund”).
The transaction, which was agreed in February and transacted in March, has enabled the Trustee to secure full benefits for all of the Fund’s circa 2,000 members. Standard Life and the Trustee worked closely together over an accelerated timeline to complete the deal.
The Trustees were advised by Barnett Waddingham, FRP Advisory and Pinsent Masons. PwC advised the sponsoring employer.
Rhian Littlewood, Senior Business Development Manager at Standard Life, part of Phoenix Group, said: “It is a privilege to be partnering with the Trustee on this important transaction which has provided certainty for the Fund members. The co-operation and engagement of all parties was exceptional, enabling a rapid response by the Trustees and facilitating the transaction on accelerated timelines.
“This transaction reinforces Standard Life’s ongoing commitment to the BPA market and continued expansion of our proposition, supporting trustees and sponsors in de-risking their pension schemes by providing flexible solutions to suit varying needs and requirements. We are delighted to welcome the Fund’s members to Standard Life.”
Steve Delo, Chair of PAN Trustees UK LLP and Chair of the Trustee, said: “We are delighted to have secured this deal with Standard Life. The transaction will deliver security to the members of the Findel Group Pension Fund and reflects many years of hard work by a strong and attentive Trustee Board and their advisers, along with contributions from the sponsoring employer. On behalf of the Trustee, I would like to thank all our advisers including Barnett Waddingham, FRP Advisory and Pinsent Masons for their advice and support in getting the Fund to this stage. I also thank PwC in their role as lead advisers to the sponsoring employer on this transaction and it is pleasing to see how well the Trustee and employer advisers worked together on this buy-in.”
Robert Hawkes, Partner at Barnett Waddingham and Scheme Actuary to the Fund, said: “Securing the buy-in represents a significant achievement for the Fund. The individuals that make up the Trustee Board have been so impressive in their engagement and drive over the years to achieve the objectives for the benefit of the members of the Fund. We very much look forward to working closely with the Trustee with the buy-in policy in place and to continue the success story for the Fund.”
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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 Appoints Managing Director of Retail Intermediary to New Senior Role
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Sustainable transformation for 87,000 Standard Life MT Members
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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 1.8bn 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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15bn GBP of assets and 1.5m pension customers to move to sustainable default strategy
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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.