Standard Life has conducted a $1,3bn (£1bn) bulk purchase annuity (BPA) with two separate pension schemes linked to its fellow insurer, both plans are sponsored by subsidiaries of APi Group Corporation.
Standard Life, which is part of Phoenix Group, agreed the BPA with the Chubb Pension Plan and the Chubb Security Pension Fund in June 2023 and it covers 14,000 pension members across both schemes.
Barnett Waddingham was the lead actuarial and investment advisers, while legal advice was provided to both sets of Trustees by pensions advisory CMS.
Standard Life’s deal with the personal and business lines insurance provider is its second in a matter of weeks, having last month inked a $100m buy-in deal with the now defunct insurer MGM.