- 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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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.