The Abbey Life Assurance Company Limited Staff Pension Scheme has completed a £200m bulk purchase annuity transaction with Standard Life. The transaction, which completed in April 2026, covers the pensions of 1,584 members, which includes c.600 deferred members and approximately 900 current pensioners and dependants.
“We are pleased to have reached this significant milestone for the Scheme and to achieve benefit security for our members through the buy-in. This is the culmination of many years of preparation, supported by Aon and Linklaters, and the result of a long-established close relationship with Standard Life. The Trustee has greatly appreciated the support from the Scheme’s sponsor in making this transaction possible, as well as the commitment and dedication of our advisers to achieve such a great outcome on behalf of our members,” said Neil Tointon, Chair of Trustees.
“The buy-in represents an important de-risking milestone for the Scheme and our long-standing relationship and clear alignment on the Scheme’s goals allowed all parties to work closely together, supporting an efficient transaction timetable and a smooth route to completion. This marks a positive step in securing members’ benefits for the long term,” added Lauren Doherty, Pensions Risk Transfer Transaction Manager at Standard Life.
Aon advised the Trustee on the transaction, with legal advice provided by Linklaters.
“As the long-standing Scheme Actuary, Investment Adviser and Risk Settlement adviser, we are pleased to have been able to support the Trustee throughout this process, delivering a positive outcome for all stakeholders. Collaboration was key to this complex transaction, and it has been a pleasure to work with the Trustee, Standard Life and both parties’ advisers,” said Michael Walker, Partner at Aon.
