The Altro Pension Scheme has completed an £85m bulk purchase annuity transaction with M&G, securing the pension benefits of 740 members.
“Protecting our members’ benefits has always been the key objective for both the trustees and company, and we’re proud of the way that we have worked together to achieve long-term security for our members through the transaction with M&G – made possible by strong collaboration between all of our advisers. The potential for additional benefit to our members in future on top of the insurance regulatory framework, through M&G’s innovative ‘BPA Plus’ offering, is further upside,” said Andrew Elliott, Chair of the Trustees.
“We’re pleased to support Altro and the trustees in securing the long-term future of their 740 members. This transaction highlights the value of ‘BPA Plus’, combining the security of a bulk annuity with the potential to offer greater outcomes over time. It’s a strong example of how we can work with trustees and their advisers to deliver practical, member-focused outcomes, and we look forward to continuing to support the scheme in the years ahead,” added Rosie Fantom, Head of Bulk Annuity Origination & Execution at M&G.
The deal was completed in April using M&G’s ‘BPA Plus’ solution, which uses M&G’s £132bn With-Profits Fund. Aon provided broking, investment and actuarial advice, while Pinsent Masons and Eversheds acted as legal advisers to the trustees.
“This transaction was efficient throughout but made even more so by the use of our ‘Pathway’ approach, agreed with M&G for the first time. This will also pave the way for more schemes to benefit from our streamlined process. In this case, it enabled us to move swiftly for the trustees and complete a quick execution, securing a favourable outcome to the benefit of the members,” said Joanna Davies, Senior Consultant and Risk Transfer Adviser at Aon.
