The College of Law Pension and Assurance Scheme has completed an £85 million buy-in transaction with Royal London.
The transaction was finalised in March 2025 and is the ninth buy-in for Royal London’s BPA business.
“The trustees worked closely with their advisers and Royal London, navigating a period of significant market volatility, and were delighted to complete a final buy-in with Royal London so that scheme liabilities are now fully covered by insurance contracts,” said Tiziana Perrella of Dalriada Trustees.
“The trustees conducted an in-depth due diligence analysis of Royal London’s financial position and administration capabilities as part of their decision-making process and were satisfied that they were a robust and reliable counterparty for the transaction,” Perrella added.
“We’ve been in discussions with Tiziana and the wider trustee board since late last year. It was a real team effort with them and Hymans Robertson to ensure everything was ready for when the ‘affordability stars’ aligned,” said Mark Sharkey at Royal London.
The trustees were advised by Hymans Robertson and Linklaters, and Royal London were advised by Hogan Lovells.
“It has been a pleasure to work with the trustees over many years on their de-risking journey. Diligent preparation has meant that the trustees were well-placed to move quickly to capture the opportunity to insure members’ benefits at an accelerated pace. We look forward to continuing to support the trustees in the important post-transaction work,” said Claire O’Neill, Senior Risk Transfer Consultant at Hymans Robertson.