The Senior plc Pension Plan has completed a £180m bulk purchase annuity buy-in with M&G. The deal secures the pension benefits of over 3,000 members of the Senior plc Pension Plan.
“The Trustee and Senior plc worked diligently to complete this transaction with M&G, providing greater certainty for members. This was a key de-risking milestone for both the Plan and for Senior plc. The Trustee were impressed by M&G’s approach and confident they will provide strong support during this next phase of the Plan’s life and in continuing to serve the members. The process ran smoothly and the highly collaborative approach between M&G and the Plan’s advisers was instrumental to ensuring a successful transaction,” said Sarah Leslie, Director at ndapt and the Plan’s newly appointed Chair of the Trustee.
“We are pleased to have partnered with the Trustee and worked with LCP to deliver a smooth and timely buy-in for the Plan. This transaction highlights our ability to work flexibly with clients and provide exceptional member experience, something that is becoming ever more important given the increased funding level of schemes,” added Rosie Fantom, Head of Bulk Annuity Origination & Execution at M&G.
The transaction – by The Prudential Assurance Company, M&G’s wholly-owned subsidiary – was completed in 2025. LCP acted as lead transaction adviser for the plan with Osborne Clark providing legal advice to the trustee. CMS provided legal advice to M&G.
“It was a pleasure to support the Trustee on this significant transaction and achieve an excellent result for all stakeholders. The success of this transaction was driven by strong alignment between the Trustee and Senior plc, M&G and advisory teams and a shared focus on delivering certainty and a positive experience for members,” said David Fink, Partner at LCP.