The Leeds Building Society Staff Pension Scheme has completed a £66m bulk purchase annuity buy-in with Royal London.
This latest buy-in, which completed in March and covers 590 members, is the mutual’s second BPA transaction with the pension scheme of a fellow mutual and the first with a building society.
“We are delighted to have successfully completed this buy-in for the Leeds Building Society Staff Pension Scheme with Royal London. This transaction represents an important milestone for the scheme and its members. The process has been supported by a highly professional and collaborative team, and I would like to thank Isio and Arc Pensions Law, as well as Royal London, for their expertise, diligence and commitment in helping us deliver a strong outcome,” said Paul Riley, Chair of Trustees of the Leeds Building Society Staff Pension Scheme.
“Our meeting and wider discussions with the trustee board quickly brought our natural alignment to life. The buy‑in process was collaborative and efficient throughout, and we were pleased to partner once again with Isio to deliver a strong outcome for the trustee and its members,” added Victoria Smith, BPA Origination Manager at Royal London.
The trustees were advised by Isio and Arc Pensions Law.
“It has been a pleasure to lead this transaction, bringing Leeds Building Society, the Trustee and Royal London together. As mutual organisations, their shared values and commitment to customers create a strong foundation for a long-term partnership, making Royal London an excellent fit to support the Scheme and its members for the future,” said Kellie Appleby, Principal Consultant at Isio.
