Skanska Pension Fund has completed a £525m (€600m) full buy-in deal with Standard Life, while Peel Ports Final Salary Pension Scheme has concluded a £230m full buy-in with Pension Insurance Corporation (PIC).
Skanska’s buy-in deal covered around 5,500 members, and it included the novation of the fund’s existing longevity swap, which it held with Zurich Assurance since 2017.
Both the buy-in purchase and longevity swap novation were completed in October 2025.
LCP was the lead transaction adviser and investment adviser to the trustee of the fund, and legal advice was provided by Reed Smith. Standard Life was advised by Debevoise & Plimpton and Eversheds Sutherland.
Harvey Francis, chair of the trustee for the Skanska Pension Fund, said the deal has been possible after “many years” of careful management of the fund’s assets and liability risks, working closely with advisers, and with the support of Skanska plc and Skanska AB.
Meliha Duymaz, chief financial officer and executive vice president at Skanska UK, added: “This purchase of a buy-in insurance policy with the assets of the fund has provided an excellent outcome for our pension fund members and the company.”
Duymaz added that the company has worked “diligently” with the trustees to achieve this position, making sure members’ benefits are secured for the long term, whilst removing a significant risk from the company’s balance sheet.
Kieran Mistry, director of defined benefit solutions at Standard Life, said, “Standard Life was able to deliver attractive pricing and terms for this transaction because the trustee, supported by Skanska and advised by LCP, followed a rigorous process with clear requirements.”
Peel Ports’ deal
The Peel Ports pension fund’s deal has, meanwhile, covered around 2,000 members across a number of Peel Ports Group companies: The Mersey Docks and Harbour Company Limited, Port of Sheerness Limited, The Manchester Ship Canal Company Limited, Clydeport Limited, and Clydeport Operations Limited.
This is the second time PIC and Peel Ports Group have worked together to secure members’ pensions. In 2017, PIC completed a £725m buy-in with the trustee of the Former Registered Dock Workers Pension Fund, a multi-employer pension scheme covering dock workers and ex-dock workers who worked for a number of ports across the UK, including The Mersey Docks and Harbour Company Limited.
LCP advised the trustee on the transaction, with legal advice provided by Gowlings. PIC has received its advice from CMS.
Amanda Willis, chair of the scheme’s trustee board and group treasurer at Peel Ports Group, said: “PIC impressed us early in the process with a compelling proposal and a clear commitment to transact. Its financial strength and reputation for delivering high-quality service to pension scheme members was a key factor in our decision and ultimately led us to select PIC as our insurance partner.”
Willis added that Peel Ports Group already had a positive experience with PIC following a 2017 buy-in relating to past employees with benefits in the Former Registered Dock Workers Pension Fund.
Matt Richards, head of origination structuring at PIC, added: “Strengthening relationships with companies, trustees and sponsors we’ve worked with before is a core part of our strategy at PIC, and this transaction offered a valuable opportunity to deepen the partnership with Peel Ports Group.”
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