Royal London has announced its fifth transaction since entering the bulk annuity market earlier this year.
The insurer has completed a £102m buy-in deal with the Tennants Consolidated Limited Pension Scheme.
The transaction covers 704 members of the defined benefit (DB) scheme, which is sponsored by chemical and construction materials firm Tennants Consolidated.
Adam Davis, managing director at K3 Advisory, which advised the trustee board on the deal, said: “This transaction had several complexities, from dealing with illiquid assets to managing specific benefit and payroll requirements.
“Our team worked closely with the trustees and Royal London to resolve these challenges efficiently, ensuring the buy-in was completed smoothly and aligned with the scheme’s objectives.”
It is the third external transaction Royal London has completed this year, after a £30m buy-in with The Retreat York Pension Scheme and a £100m deal with an unnamed scheme.
Just Group insures Hunt Brothers scheme
Meanwhile, Just Group has completed a £1.4m buy-in with the Hunt Brothers and Company Limited Pension Fund.
The pension scheme is sponsored by timber trading company Hunt Brothers & Co. The deal secures the benefits of all eight pensioner members of the DB scheme, and means it is now fully insured without the need for additional employer contributions.
George Whitaker, deal lead at consultancy group Broadstone, said the transaction showed that “well-prepared schemes of all sizes can achieve a cost-effective insurance transaction in a busy market”.
Alma Goyanes-Payne, deal manager at Just Group, added that there was “a vibrant insurance de-risking market for schemes of all sizes”.
