Hickson UK Group Pension Scheme has completed a £208m bulk purchase annuity (BPA) transaction with Royal London, securing the benefits of more than 1,250 members.
The transaction, which completed in June, is Royal London’s third largest transaction to date, and builds on the scheme’s long-standing relationship with Royal London Asset Management.
The trustees, chaired by BESTrustees, were advised by Barnett Waddingham as risk transfer adviser, with Pinsent Masons providing legal advice and Mercer providing investment advice. Royal London was advised by Mayer Brown.
Mark Sharkey, BPA origination lead at Royal London, said: “The trustees’ long-standing relationship with RLAM established a strong starting point for us to really understand their priorities and develop a tailored BPA solution. That extended to moving at pace to meet the scheme’s evolving needs at the point of exclusivity.”
Nikhil Patel, head of bulk annuities at Barnett Waddingham, said: “In such a competitive space in the market, the transaction led to some strong proposals for the trustees to consider. Ultimately, the trustees were able to secure a deal that met the needs of the scheme, sponsor and members, including insuring the non-standard features of the benefits.“
