Chubb Pensions Plan and Chubb Security Pension Fund have completed a £1bn buy-in transaction with Standard Life.

The deal was agreed in June and covers around 14,000 pensions members over both schemes, it was announced.

Barnett Waddingham acted as lead actuarial and investment adviser, while legal advice was provided to both sets of trustees by CMS.

According to Standard Life, part of the Phoenix Group, the buy-in is a “prime example” of the continued growth of Standard Life’s bulk purchase annuity (BPA) proposition, and further highlights Standard Life’s strength in, and commitment to, the BPA market.

Matt Richards, senior business development manager at Standard Life, said: “This deal marks a smooth and efficient transaction that has insured the liabilities for almost 14,000 members and enabled the schemes to successfully de-risk in an uncertain economic environment.”

He added that throughout the transaction process there was an “open and collaborative approach between all parties, which has been key to the success of this transaction”.

Cushon partners with Link Group to deliver customer experience outcomes

Workplace savings fintech Cushon has signed a multi-year partnership deal with Link Group to deliver customer experience outcomes to its members and employers.

The decision to partner with Link Group will provide “a unified, robust and innovative customer experience to all of Cushon’s clients and members”, it was announced.

Link Group’s technology will integrate into the Cushon platform to drive a new era in member-led services that will help people achieve better retirement outcomes, it said.

The partnership will deliver a more personalised, robust and digital on-demand service to further advance Cushon’s success at engaging members with their pensions when and how they want to, Link Group added.

Behind the scenes, Link Group’s advanced engagement wrap technology will be integrated to help members securely and confidently engage with their pensions through a channel of their choice. There will be enhancements to live chat and self-service processing, in addition to the personal service offered by customer service teams.

Ben Pollard, Cushon’s chief executive officer, said: “Our partnership with Link Group will bring enhanced levels of customer service, account management, information and innovation to our members, employers and teams across the UK. It signals a major advance in our servicing and pension administration capabilities.”

Richard Wilson, general manager EMEA, retirement and superannuation solutions at Link Group, added: “By combining our global technology & servicing platform and data science capabilities with Cushon’s innovative technology, we will help Cushon deliver exceptional member services every day.”

Big Society Capital picks XPS as investment adviser

Social impact investor Big Society Capital has appointed XPS Pensions Group to advise on its treasury multi-asset portfolio following a rigorous competitive tender process.

XPS will support Big Society Capital’s in-house investment team and advise on investment matters and the ongoing evolution of the investor’s investment strategy, it was announced.

Big Society Capital invests across four main asset classes: impact venture capital, social lending (credit), social property and social outcomes contracts and has a wider mission to grow the amount of capital invested in tackling social issues and inequalities in the UK.

XPS advises over 400 clients including many charities and not-for-profit organisations. It is a signatory to both the UN Principles for Responsible Investment (UN PRI) and the UK Stewardship Code, and is also a member of the Net Zero Investment Consultant Initiative.

Jolynn Kek, investment manager at Big Society Capital, said the firm wanted “an adviser to our treasury portfolio that could operate as an extension to our in-house team” and was not only “very impressed” by the breadth of XPS’s market insight but also because XPS’s values “aligned with ours”.

XPS’s ESG and sustainability research framework complements Big Society Capital’s social impact focus, Kek added.

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