The trustee of the Clariant Pension Plan has agreed a £110m buy-in with M&G, securing the pension benefits of around 900 members.
The bulk purchase annuity (BPA) deal, completed in July 2026, was the scheme's third buy-in. The trustee selected M&G following a competitive process.
The transaction was completed through M&G's BPA Plus offering and was executed by Prudential Assurance Company, M&G's wholly owned life and pensions subsidiary.
M&G said BPA Plus combines a bulk purchase annuity with its £136bn With-Profits Fund.
The insurer added that it expects annual bulk purchase annuity sales of £3bn to £4bn by 2027 following the launch of BPA Plus.
M&G head of pension risk transfer, Rosie Fantom, said the transaction, “shows the continued appeal of solutions which secure member benefits while providing greater flexibility and value”, adding that, “BPA Plus has helped the trustee achieve an important step in the plan’s risk transfer journey”.
The trustee, chaired by BESTrustees, was advised by WTW.
WTW senior director in pension risk transfer, Tom Ashworth, commented: “We worked closely with the trustees and other advisers throughout a competitive process to find the solution that best met the plan’s objectives, balancing strong pricing, benefit flexibility and operational considerations.”
Other advisers to the transaction included Howden as administrator, Mercer as investment adviser and DLA Piper as legal adviser to the scheme.
