Standard Life completes £100m buy-in with travel catering pension schemes

Written by Adam Cadle

25/07/2024

Standard Life has concluded a £100m bulk purchase annuity (BPA) transaction covering members of two linked pension schemes sponsored by an industry-leading provider of catering, onboard retail, and food service logistics to the travel industry.

This full scheme buy-in involved combining three pension scheme sections into one transaction, securing the benefits of the c. 2,100 members across the schemes.

WTW acted as lead advisers to the trustees, while transaction legal advice was provided to the schemes by Baker McKenzie. Scheme actuary advice and administration support was provided by Gallagher.

Emma Haylock, BPA transaction manager at Standard Life, commented: "This transaction saw us work closely with the trustees, led by Vidett, and its advisers to help meet the specific requirements of schemes. The collaborative approach by all ensured a smooth and efficient de-risking process, with all parties completing significant preparation work such that once the schemes’ assets were transaction-ready, the trustees were able to move quickly. This allowed us to complete the transaction swiftly and within a relatively short timeframe, securing the liabilities for all members.”

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