Unnamed pension scheme completes £111m BPA deal with M&G

An unnamed UK-based asset manager's pension scheme has completed a £111m bulk annuity purchase (BPA) transaction with M&G, securing the benefits of 466 pensioners and deferred members.

M&G’s wholly-owned subsidiary, the Prudential Assurance Company Limited, acted as the insuring entity.

The trustees, which included Independent Governance Group (IGG) as a professional trustee, were advised on the transaction by Isio as risk settlement adviser and investment consultant.

Hymans Robertson acted as scheme actuary to the trustee, CMS provided legal advice, and Broadstone acted as administrators.

The company received legal advice from Herbert Smith Freehills, while M&G received legal advice from Hogan Lovells.

Managing director of corporate risk solutions at M&G, Kerrigan Procter, said the deal was possible due to the "strong" alignment of interest between the sponsoring company, the trustees, and M&G while protecting members' security.

"It represents yet another important step in the delivery of M&G’s strategic objectives and showcases the team’s ability to work effectively and efficiently with clients to meet their derisking goals and deliver sustainable growth," Procter added.

Chair of trustees at IGG, Roger Mattingly, said the trustees were "delighted" with the policy secured by M&G, which provided certainty to the scheme members and the scheme sponsor on the financing of member benefits into the future.

Partner at Isio, Karen Gainsford, added: "The careful and considered engagement of the trustees and the sponsoring company throughout the preparation phase meant that insurer proposals could be assessed quickly and objectively once received."



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.