The Cancer Research UK Pension Scheme has completed a £280m bulk purchase annuity buy-in with Standard Life. The transaction covers approximately 2,800 members and concluded in March this year.
“The charity and trustee was targeting a transition to a full buy-in of the scheme by 2032. I am delighted that with the support of our advisers and the backing of the charity the trustee has achieved this major step towards the eventual winding-up of the Scheme ahead of its original target. The support from Mercer, Sackers and Lane Clark and Peacock has been instrumental in ensuring we were well positioned to go to market and complete the buy-in transition in an efficient and timely fashion. This is a great outcome for the trustee, the charity and, most importantly, the members of the scheme,” said Roger Cooper, Chair of the Cancer Research UK Pension Trustee Board.
“We are delighted to have been selected to partner with the trustee and help them achieve their derisking objectives,” said Alex Oakley, BPA Transaction Manager at Standard Life.
“Throughout this process, we worked closely with the Mercer Risk Transfer team, maintaining open communication at every stage of the process. These established ways of working together were key to delivering a bespoke solution that addressed the unique needs of the scheme and the trustee. This was supported by the scheme itself, which had undertaken careful preparation before the transaction, and had a clear set of objectives which meant our team could focus on their priorities and efficiently secure member benefits.”
Mercer acted as the lead transaction adviser to the trustee, with investment advice from LCP and legal advice from Sackers.
“This transaction is one I am extremely proud of. Mercer has worked with the scheme and charity for many years, guiding the scheme through its preparation steps, ultimately leading to a successful transaction with Standard Life,” said Maurice Speer, Partner in Mercer’s Risk Transfer.
Standard Life has been the headline sponsor of Cancer Research UK’s Race for Life event series since 2023, which raises funds for life-saving cancer research and takes place in hundreds of venues across the UK.