M&G has completed a £100m bulk purchase annuity (BPA) transaction for the Miller Retirement Benefits Scheme, securing the pension benefits of around 550 members of the scheme sponsored by Miller Insurance Services LLP.

The deal combines the security of a traditional bulk annuity with access to M&G's £132bn with-profits fund, giving members the potential to receive discretionary bonus payments over time while protecting their core pension benefits.

M&G said the deal marked further progress for its BPA Plus offering as it targets annual BPA sales of £3bn-£4bn by 2027.

The trustee selected M&G citing competitive pricing, an accelerated route to full buyout and the opportunity for members to benefit from future bonuses.

Rosie Fantom, head of bulk annuity origination & execution at M&G, said: “We’re pleased to support Miller Insurance in providing long-term security for its pension scheme members. This transaction demonstrates the benefits of BPA Plus, combining the certainty of a bulk annuity with the opportunity to deliver enhanced outcomes over time. We look forward to continuing our partnership with the trustee.”

The transaction was completed by Prudential Assurance Company, M&G's life and pensions subsidiary, with advisers including LCP, Barnett Waddingham and Hogan Lovells.

This is the latest deal to be completed through the BPA Plus proposition. A £300m transaction was completed in Q1 2026, which M&G described as its first with-profits BPA deal in its Q1 2026 trading update, although the client scheme was not identified publicly.

---