The Trustee of the IBM I.T. Solutions Pension Scheme has completed a £700m bulk purchase annuity buy-in with Standard Life.
The buy-in, covering both pensioners and deferred members, secures the benefits of over 3,600 members, while removing funding and investment risk for the scheme. The transaction was completed in November 2025.
“We are delighted to have achieved this significant milestone in the I Plan’s de-risking journey. WTW led a thorough and competitive selection process, which led to an excellent outcome for our members. Following which we chose Standard Life as our preferred partner. Standard Life’s strong brand and member-focused proposition played a key role in our decision. The transaction was completed smoothly, and we’d like to take the opportunity to thank all parties for working collaboratively to achieve the best outcome for our members,” said Robert Tickell, Trustee Chair.
“It’s been a pleasure to work with the Trustee and its advisers on a transaction where the I Plan members remained central to the process from start to finish. During the competitive selection, the Trustee prioritised an insurer that could provide clarity, confidence, and excellent member experience. Building on an established relationship with IBM, Standard Life is delighted to have the opportunity to reinforce our shared commitment to supporting members now and in the future,” said Jack Hill, Director of Defined Benefit Solutions at Standard Life.
WTW acted as lead transaction adviser, as well as providing actuarial and investment advice to the trustee. Sackers provided legal advice to the trustee.
“This transaction was strategically positioned in the market to maximise insurer engagement. This approach resulted in a highly competitive process and an excellent outcome for the trustee,” said Greg Robertson, Director of Pension Risk Transfer at WTW.