Standard Life completes £80m buy-in with MGM Pension Plan

Standard Life has concluded an £80m bulk purchase annuity (BPA) transaction with the MGM Assurance Staff Pension Plan.

The BPA arrangement was completed in early March, covering around 700 members of the Plan.

The transaction further reinforces Standard Life’s credentials and commitment to the BPA market, with the expertise to support schemes of all sizes, following strong results in 2022, which included £4.8bn of BPA premiums.

XPS Pensions Group acted as the lead advisers to the Trustee, whilst legal advice was provided by Hogan Lovells International LLP.

Senior business development manager at Standard Life, Rhian Littlewood, said: “The Trustees came to us with a significant amount of preparation already complete. This made navigating the process of securing members’ benefits easier, faster, and more cost effective, and ensured we could secure the best outcome for the Plan.

“While a number of schemes are enjoying improved funding levels when compared to last year, planning and thorough preparation is key in an increasingly busy marketplace. We encourage schemes to work closely with their advisers in preparation of approaching the
market.”

Chair of Trustees, Neil Walker, added: “We were delighted to secure strong insurer engagement as a result of the preparatory work we undertook with our advisors. We are really pleased to have entered into a buy-in policy with Standard Life, who will provide the members of the plan with strong security in their retirement. XPS navigated us through the whole process brilliantly, and we are pleased with the deal it negotiated for the plan.”

Partner at XPS Pensions Group and lead broker, Ash Williams, said: “We are very pleased with the outcome of the buy-in project for both the Trustees and the members of the plan. This transaction really highlighted the continuing importance of preparing for a transaction properly. XPS is finding that schemes of all sizes can get excellent traction with the insurance market by being well prepared, flexible in their approach and pragmatic, focussing on the features of the deal that really matter to clients.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.


Inside the world of high net worth lending
The mortgage market continues to evolve, and so too does the answer to the question: what is a high net worth individual in today’s market? In this episode of the Mortgage Insider podcast, host Phil Spencer is joined by Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank, and Islay Robinson, founder and CEO of Enness Global. Together, they explore what brokers really need to know when supporting high net worth individuals.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.