M&G has completed a £96m buy-in with an unnamed UK pension scheme, sponsored by a US parent company, securing the pension scheme benefits for over 1,000 members.
The policy for the final tranche of members marks the last stage of the trustee and company’s de-risking journey, with Prudential, the trustee, company and their advisers making a shared commitment to buyout the scheme in December 2025.
As part of the deal, Prudential committed to transitioning the scheme to buyout in short timescales and insured residual risks from the point of buy-in, offering long-term protection to both the trustee and the company.
The transaction by the Prudential Assurance Company Limited, M&G’s wholly-owned subsidiary providing life and pensions solutions, marks the firm’s seventh bulk purchase annuity transaction in two years, with total new business written exceeding £1.7bn.
Commenting on the deal, M&G managing director of corporate pensions solutions, Kerrigan Procter, said: “We are proud to have supported the trustee and company through the final stage of their de-risking journey.
"By insuring residual risks and committing to a full buyout by the end of this year, we’ve delivered certainty and long-term security to both the company and the pension scheme members.
"Looking ahead, we will continue to harness the strength of our integrated business model and deep expertise in private markets to design innovative de-risking solutions that respond to the evolving needs of our clients and the broader pensions landscape.”
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