The Miller Retirement Benefits Scheme, sponsored by Miller Insurance Services, has completed a £100m bulk purchase annuity transaction with M&G. The deal secures the benefits of 550 scheme members.
This is the latest deal to be completed through M&G’s ‘BPA Plus’ proposition, utilising the firm’s £132bn With-Profits Fund.
“We are delighted to have completed this transaction with M&G, securing members’ benefits while also offering the potential for enhanced outcomes in the future. The transaction was delivered in an efficient manner with great teamwork and collaboration between the trustee, sponsor and respective advisers,” said Daniel Barlow, Trustee at LawDeb.
“We’re pleased to support Miller Insurance in providing long-term security for its pension scheme members. This transaction demonstrates the benefits of BPA Plus, combining the certainty of a bulk annuity with the opportunity to deliver enhanced outcomes over time. We look forward to continuing our partnership with the trustee,” added Rosie Fantom, Head of Bulk Annuity Origination & Execution at M&G.
The trustee was advised by LCP as risk transfer and investment adviser, Barnett Waddingham (part of Howden) as scheme actuary and administrator and Hogan Lovells as legal adviser.
“It has been a pleasure working alongside Daniel and the LawDeb team to design and then execute a process. We brought our experience from advising on the first BPA plus earlier this year to help the trustee understand how the BPA Plus offering compares against the wider market and then execute it effectively. This transaction once again shows the ability of schemes of this size to generate bespoke, and competitive, proposals from a range of insurers,” said David Salter of LCP.
