The Rolls-Royce & Bentley Pension Fund, which is sponsored by Bentley Motors Limited, as concluded an £880m Bulk Purchase Annuity transaction with Standard Life. This is a full scheme buy-in transaction covering c. 6,000 members of the scheme.
The buy-in included novation of the scheme’s existing longevity swap with Standard Life, originally executed in 2013 with Abbey Life (now part of Standard Life). The deal completed in June 2024.
“We are delighted to have collaborated with the Trustees, Bentley Motors Limited and their respective advisers to develop and deliver a solution that meets the specific needs and objectives of the Scheme. This transaction is another demonstration of our capabilities in novating longevity swaps, as well as our commitment to working with existing clients to support them in progressing their de-risking objectives,” said Kieran Mistry, Director of Defined Benefit Solutions at Standard Life.
Isio was the lead transaction adviser to the trustee, the investment adviser was Redington and legal advice was provided by Sackers. PwC and Travers Smith provided advice to the sponsor. Standard Life was advised by Eversheds Sutherland.
“We’re proud to have delivered on this complex and innovative transaction to lock down significant risks for the scheme, its members and the sponsor. We believe this buy-in meets both the present and future needs of all parties and is a very positive step for the scheme. We have worked together on the de-risking journey from planning to execution, plus a stakeholder communication exercise. We are grateful to Standard Life for their support in crafting a tailored de-risking solution and working closely with all parties to ensure a smooth execution,” said Nick Johnson, Partner in Insurance and Risk Settlement at Isio.
