Chubb pension schemes agree £1bn buy-in with Standard Life

Written by Adam Cadle

05/07/2023

The Chubb Pension Plan and the Chubb Security Pension Fund, both of which are sponsored by subsidiaries of APi Group Corporation, have completed a £1bn buy-in with Standard Life.

The deal covers the retirement benefits for around 14,000 members of both schemes.

Barnett Waddingham acted as lead actuarial and investment advisers for the transaction, while legal advice was provided to both sets of trustees by CMS.

Standard Life senior business development manager, Matt Richards, highlighted the deal as a “smooth and efficient transaction” that enabled the schemes to successfully de-risk in an uncertain economic environment, emphasising the role of collaboration in this.

“Throughout the transaction process there has been an open and collaborative approach between all parties, which has been key to the success of this transaction which we are delighted to have completed with the trustees,” he stated.

“Having prepared well, and being willing to move quickly, the trustees were able to ensure a favourable outcome for their members.”

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