The Panasonic UK Pension Plan for Panasonic Europe has completed a £140m (€162m) bulk purchase annuity (BPA) transaction with M&G, securing benefits for approximately 650 plan members.
The transaction was completed via Prudential Assurance Company, M&G’s wholly-owned subsidiary providing life and pensions solutions, and is a part of £1.5bn of BPA deals completed by M&G during 2025.
LCP acted as the lead transaction adviser for the plan, as well as scheme actuary and investment adviser. Gowling WLG provided legal advice to the trustees on the contractual terms, and Squire Paton Boggs provided legal advice to the trustees on the benefits being insured.
The deal is M&G’s first transaction using LCP’s streamlined buy-in service, which simplifies the buy-in process for smaller schemes through pre-negotiated contracts with enhanced terms, making transactions faster and more cost-effective.
Lisa Mundy, professional trustee at BESTrustees, said the “number one priority” for the trustee was to secure the long-term pension benefits of the pension fund members.
She said: “With the strong support of Panasonic and the guidance of LCP, we are pleased to say that we have achieved just that.”
Rosie Fantom, head of bulk annuity origination and execution at M&G, said: “The transaction benefitted from having pre-agreed terms in place under LCP’s streamlined buy-in service, which allowed us to execute the transaction in just over three weeks after agreeing exclusivity.
“Our ability to execute transactions quickly and effectively reflects M&G’s strength and expertise in the market and we will continue building on this to support trustees in managing pension risk and deliver certainty for members.”
Peter Rawson, partner at LCP, added that the transaction demonstrates that when a scheme is well prepared and there is strong collaboration with the sponsor, trustees can act quickly to take advantage of market opportunities.
