Cancer Research UK Pension Scheme agrees £280m buy-in with Standard Life

Written by Callum Conway

08/05/2025

The Cancer Research UK Pension Scheme has agreed a £280m buy-in with Standard Life, covering the benefits of 2,800 members.

Mercer acted as the trustee's lead transaction adviser, with investment advice from LCP and legal advice from Sackers.

The deal, which concluded in March 2025, saw the trustee and Cancer Research UK collaborate closely with Standard Life to meet the scheme's de-risking objectives and secure the buy-in through a 'bespoke' offering.

Standard Life BPA transaction manager, Alex Oakley, said his team was "delighted" to have been selected to partner with the trustee and help them achieve their de-risking objectives.

"Throughout this process, we worked closely with the Mercer risk transfer team, maintaining open communication at every stage of the process," he continued.

"These established ways of working together were key to delivering a bespoke solution that addressed the scheme's and the trustee's unique needs."

Oakley also stressed the importance of the scheme's careful preparation and clear objectives.

"This meant our team could focus on their priorities and efficiently secure member benefits," he said.

Cancer Research UK pension trustee board chair, Roger Cooper, added: "The charity and trustee were targeting a transition to a full buy-in of the scheme by 2032.

“I am delighted that, with the support of our advisers and the charity, the trustee has achieved this major step towards the scheme's eventual winding-up ahead of its original target.”

Cooper described the support from Mercer, Sackers, and LCP as “instrumental” in ensuring the scheme was well-positioned to go to market and complete the buy-in transition efficiently and in a timely manner.

“This is a great outcome for the trustee, the charity, and, most importantly, the scheme's members," he concluded.

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