Vector Pension Scheme completes £114m buy-in with Standard Life

Written by Jack Gray

15/02/2024

Vector Pension Scheme has concluded a £114m buy-in deal with Standard Life, covering approximately 1,800 scheme members.

The full scheme buy-in transaction was completed in November 2023, with XPS Pensions Group acting as lead adviser to the trustee.

Legal advice was provided by Osborne Clarke LLP.

The scheme trustee worked with Standard Life over an “extended period” to monitor transaction affordability, alongside managing the scheme’s illiquid asset holdings.

“Significant” preparation work was completed by Standard Life, the trustee and their advisers, which allowed the trustee to move quickly to insure its members’ benefits once the scheme’s assets were transaction ready.

Standard Life senior business development manager, Rhian Littlewood, noted that the firm had been working with the trustee for more than two years to monitor the scheme’s funding position and strategy for managing the sale of the scheme’s illiquid asset holdings.

“Working closely with the scheme’s advisers to agree contractual terms in advance meant the scheme was well positioned to move quickly on a transaction when the time was right,” Littlewood continued.

“This collaborative approach ensured a smooth and efficient de-risking process for the scheme, securing the liabilities for c.1800 members.”

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