Oxford Instruments Pension Scheme has secured a £213m (€245m) bulk purchase annuity (BPA) transaction with Royal London.
The transaction, finalised in December, covers more than 1,600 members.
Aon acted as the risk transfer adviser and scheme actuary to the trustee, with Norton Rose Fulbright providing legal advice, Schroders providing investment advice, and with secretariat and governance support from Independent Governance Group. Royal London was advised by Mayer Brown.
Steve Warren, chair of trustees for the pension fund, said: “The trustee is delighted to have secured our members’ benefits via the bulk annuity policy with Royal London, achieving a fantastic outcome for the scheme, the sponsor and its members. Many thanks to Royal London and our advisers for helping us to achieve this significant milestone.”
Baljit Khatra, BPA origination lead at Royal London, said: “We are incredibly proud to have been chosen by the trustee from a very strong field of insurers. We understand that our differentiated proposition as a mutual was a key deciding factor in what was a highly competitive process.”
He added: “It was fantastic working with the trustee and their advisers, and we’re committed to delivering with pace and proactivity as we support them and their members with a seamless, high-quality experience over the long term.
