The trustees of the Hickson UK Group Pension Scheme have completed a c.£208m bulk purchase annuity transaction with Royal London. The transaction secures the benefits of more than 1,250 members and is Royal London’s third-largest external BPA transaction to date. Including internal BPA transactions, it ranks as the firm’s sixth largest overall.
“This transaction with the trustees of the Hickson UK Group Pension Scheme demonstrates our growing track record in the mid-sized BPA market, with our sixth transaction over £200m. The trustees’ long-standing relationship with RLAM established a strong starting point for us to really understand their priorities and develop a tailored BPA solution. That extended to moving at pace to meet the Scheme’s evolving needs at the point of exclusivity,” said Mark Sharkey, BPA Origination Lead at Royal London.
The trustees, chaired by BESTrustees Limited, were advised by Barnett Waddingham as risk transfer adviser, with Pinsent Masons providing legal advice and Mercer providing investment advice. Royal London was advised by Mayer Brown.
“In such a competitive space in the market, the transaction led to some strong proposals for the trustees to consider. Ultimately, the trustees were able to secure a deal that met the needs of the scheme, sponsor and members, including insuring the non-standard features of the benefits. It was a pleasure working with the trustees, Royal London and the Scheme’s other advisers on the first of several significant transactions Barnett Waddingham expect to complete in 2026,” said Nikhil Patel, Head of Bulk Annuities at Barnett Waddingham, part of Howden.
