Standard Life has concluded a £1bn bulk purchase annuity (BPA) transaction covering two schemes, the Chubb Pension Plan and the Chubb Security Pension Fund.
The transaction was agreed last month and covers around 14,000 pension members over both schemes which are subsidiary schemes belonging to the APi Group.
Barnett Waddingham acted as lead actuarial and investment advisers, while legal advice was provided to both sets of Trustees by CMS.
Standard Life, part of the Phoenix Group, said the completion highlighted its strength and commitment to the BPA market and the continued growth of its BPA proposition.
Matt Richards, senior business development manager at Standard Life, said the deal marked "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: "Throughout the transaction process there has been an open and collaborative approach between all parties, which has been key to the success of this transaction which we are delighted to have completed with the trustees. Having prepared well, and being willing to move quickly, the trustees were able to ensure a favourable outcome for their members.”
Scheme buy-in preparation
Brian McGowan, chairman of both Trustee Boards, thanked Barnett Waddingham and CMS for their advice and added: "The various teams worked together extremely well to secure this complicated deal.”
Simon Bramwell, partner at Barnett Waddingham, said the deal would not have been achieved without the "significant amount of preparatory work carried out by the trustees and the efforts of all parties working closely together to get the best result for both schemes".
Amanda Chammings, partner at CMS, added: “We are delighted to have advised the trustees on this transaction with Standard Life. Collaboration with Barnett Waddingham, Standard Life and all other parties involved was a key element to delivering the buy-ins on time in such a busy market. It’s really pleasing to secure such a positive outcome for members of the schemes.”
