The Abbey Life Assurance Company Limited Staff Pension Scheme has completed a £200m buy-in with Standard Life, which is also the scheme sponsor, securing the benefits of more than 1,500 members.
The transaction was finalised in April 2026 and covers the pensions of 1,584 members, comprising around 600 deferred members and approximately 900 current pensioners and dependants.
Abbey Life was acquired by Standard Life (then Phoenix Group) in 2016, making Standard Life the sponsor of the scheme.
Standard Life has therefore been working closely with the trustees and their advisers in recent years to facilitate an “effective and well-aligned outcome”, looking to benefit from an existing relationship and shared understanding of the objectives.
Aon provided the trustees with transaction advice, while Linklaters provided legal advice.
“We are pleased to have reached this significant milestone for the scheme and to achieve benefit security for our members through the buy-in,” commented Abbey Life Assurance Company Limited Staff Pension Scheme chair of trustees, Neil Tointon.
“This is the culmination of many years of preparation, supported by Aon and Linklaters, and the result of a long-established close relationship with Standard Life.
“The trustee has greatly appreciated the support from the scheme’s sponsor in making this transaction possible, as well as the commitment and dedication of our advisers to achieve such a great outcome on behalf of our members.”
Standard Life pension risk transfer transaction manager, Lauren Doherty, said the buy-in represented an important de-risking milestone for the scheme.
“Our long-standing relationship and clear alignment on the scheme’s goals allowed all parties to work closely together, supporting an efficient transaction timetable and a smooth route to completion,” she stated.
“This marks a positive step in securing members’ benefits for the long term.”
Aon partner, Michael Walker, added: “As the long-standing scheme actuary, investment adviser and risk settlement adviser, we are pleased to have been able to support the trustee throughout this process, delivering a positive outcome for all stakeholders.
“Collaboration was key to this complex transaction, and it has been a pleasure to work with the trustee, Standard Life and both parties’ advisers.”
