IBM I.T. Solutions Pension Scheme has concluded a £700m (€800m) bulk purchase annuity (BPA) transaction with Standard Life, covering the benefits of more than 3,600 pensioners and deferred members.
The transaction removes funding and investment risk for the plan, while ensuring that members continue to receive or be entitled to their benefits from the plan, just as before the transaction.
The buy-in builds on the existing relationship between IBM and Standard Life, with Standard Life already operating the IBM UK Personal Pension Plan.
The recent transaction was completed in November 2025. WTW acted as lead transaction adviser, as well as providing actuarial and investment advice to the trustee - for which Sackers provided legal advice.
Robert Tickell, trustee chair, branded the transaction a milestone in the plan’s derisking journey.
Tickell said that Standard Life stood out for its member-focused proposition, which played a “key part” in the scheme’s decision.
Jack Hill, director of defined benefit solutions at Standard Life, added: “During the competitive selection, the trustee prioritised an insurer that could provide clarity, confidence, and excellent member experience.”
