The trustee of the Metallus UK Pension Scheme has completed a £40m bulk purchase annuity buy-in with Royal London. The transaction secures the benefits of 493 scheme members.
“We are pleased to have completed this transaction with Royal London. This buy-in helps to provide certainty to our nearly 500 members about the security of their benefits and represents a pivotal moment in the Scheme’s de-risking journey. My thanks to everyone involved for a great team effort in making this happen, it was a pleasure to work with them,” said Zahir Fazal of BESTrustees.
“This transaction reflects our commitment to delivering solutions that are tailored to each trustee board’s objectives, regardless of pension scheme size. By working closely together, we were able to provide the trustees with a clear and pragmatic roadmap to buyout, providing greater certainty around the pension scheme’s endgame. It was a pleasure to partner once again with the teams at BESTrustees and Isio. We’re excited to now move forward with them at real pace and deliver against that buyout plan,” added Clodagh Howe, BPA Origination Manager at Royal London.
Isio acted as risk transfer adviser and BESTrustees provided professional trustee services to the scheme. The trustees received legal advice from Gowling WLG and administrative and actuarial support from Aon.
“This project is a great example of what can be achieved through strong collaboration and careful preparation. We were delighted to work alongside BESTrustees, their advisers and Royal London to deliver a buy-in that met the Trustee’s and Sponsor’s objectives, providing certainty for members and stakeholders alike. We look forward to building on this success as we continue to support the Trustee and Sponsor on their journey,” said Kenny Wilson, Deal Lead at Isio.
