Standard Life completes £80m buy-in with MGM Assurance pension scheme

Written by Adam Cadle

19/06/2023

Standard Life, part of Phoenix Group, has concluded a £80m Bulk Purchase Annuity (BPA) transaction with the MGM Assurance Staff Pension Plan.

This bulk purchase annuity arrangement completed in early March, covering c.700 members of the plan.

XPS Pensions Group acted as the lead advisers to the trustee, while legal advice was provided by Hogan Lovells International LLP.

Rhian Littlewood, senior business development manager, at Standard Life, said: “The trustees came to us with a significant amount of preparation already complete. This made navigating the process of securing members’ benefits easier, faster, and more cost-effective, and ensured we could secure the best outcome for the plan.

“While a number of schemes are enjoying improved funding levels when compared to last year, planning and thorough preparation is key in an increasingly busy marketplace. We encourage schemes to work closely with their advisers in preparation for approaching the market.”

There are no related documents to show at this time.

Portfolio optimisation in today’s challenging market environment

Adam Cadle speaks to Dr Laura Ryan, Head of Research at Ardea Investment Management, about the firm’s insurance asset allocation optimisation tool and the reasons for developing it

The role ETFs can play in the ESG journey for insurers

Justin Wheeler, Head of UK iShares Asset Owner Distribution at BlackRock, and Mark Guirey, Head of EMEA Insurance Segment and UK Asset Owner Client Coverage at MSCI, discuss the drivers behind growth in this area, market reactions to COVID-19, and the role of indexing