Royal London has secured its latest bulk purchase annuity (BPA) transaction with a £22m buy-in transaction with the London Waste Limited Pension Scheme.
Royal London worked with the trustees to insure around 200 members of the scheme. It is the tenth buy-in transaction completed by Royal London since it entered the UK pension risk transfer market.
“We were especially impressed by the cultural bond that the stakeholders set as the foundation in the discovery stage of the process. All stakeholders agreed on the mission, the part they would play and the resources they could provide in the delivery of the de-risking exercise,” said John Nestor of Capital Cranfield.
“This has been a priority for the scheme and the employer and although there were some initial setbacks in the early stages all the advisers pulled together to resolve the issues. We believed that Royal London could provide a strong proposition to the trustee and all stakeholders, and this belief was matched by the solution delivered in a very efficient and competitive manner.”
“This transaction, our tenth in total, continues to demonstrate that we have a compelling bulk annuity offering for trustees and their members. The collaboration between London Waste Limited Pension Scheme and our other stakeholders helped showcase real nimbleness, with the contract signed within three weeks of entering formal exclusivity,” added Moin Patala, BPA Origination Lead at Royal London.
“It was excellent working with Hymans Robertson and Capital Cranfield. We’re especially pleased to work with John Nestor again – it’s brilliant to see trustees returning to us so quickly at this stage in our journey, as it highlights the strength of our proposition, customer service, and in-house BPA administration,”
The trustees were advised by Hymans Robertson and Squire Patton Boggs.
“We’re delighted to have supported the trustee in delivering this successful buy-in — a key step in de-risking the scheme and enhancing member security. This outcome was made possible thanks to the agile and experienced decision-making of the sole trustee model, and the close collaboration and financial support from the sponsor. We look forward to continuing to support the scheme in the next phase of its journey,” said Iain Church of Hymans Robertson.
