Standard Life has completed a bulk purchase annuity transaction worth around £175m of the Findel Group Pension Fund which covers all members.
The Trustee was able to achieve full benefits for all of the Fund’s almost 2,000 members thanks to the transaction, which was agreed on in February and completed in March.
Barnett Waddingham, FRP Advisory and Pinsent Masons advised the Trustees. The sponsoring company was advised by PwC.
Standard Life senior business development manager Rhian Littlewood says: “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.”
PAN Trustees UK LLP chair Steve Delo says: “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.”
Barnett Waddingham partner and scheme actuary to the fund Robert Hawkes says: “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.”