On the go: The PerkinElmer (UK) Pension Scheme has completed a £130m full buy-in with Phoenix Group subsidiary Standard Life.
The £130m bulk purchase annuity transaction covers all pensioner and deferred members of the scheme, sponsored by a healthcare diagnostics company.
The buy-in provides insurance for the scheme’s defined benefit pensions, with potential to convert to a buyout in the future, Standard Life stated.
LCP led the transaction, with legal advice provided by Baker McKenzie. DLA Piper advised Standard Life.
Jo Myerson, director at Ross Trustees and chair of the scheme trustee, said: “Thanks to the thorough preparation and collaborative working between the Ross Trustees team, the scheme’s advisers, LCP and Baker McKenzie, and representatives from the company, we were well placed to capture an attractive pricing opportunity in the market and execute a transaction efficiently.”
This deal was Standard Life’s first full-buy in. Rhian Littlewood, senior bulk purchase annuity business development manager at the provider, noted that the continued growth of its business in this area “allows us to invest further into UK infrastructure and socially responsible projects that provide good returns, as well as being vital to post-pandemic growth”.
This article originally appeared on MandateWire.com
