The British Heart Foundation Staff Pension Scheme has completed a £37m buy-in with Royal London, covering the pensions of over 200 members, including 118 pensioners and their dependants and 85 deferred pensioners.

The trustee board and its advisers, Broadstone and Osborne Clarke, completed the transaction in 14 business days, following the trustees' award of exclusivity to Royal London.

Broadstone was appointed to lead the risk transfer project, adding to its long-standing provision of scheme actuarial, secretarial, administrative, and investment services for the scheme.

Legal advice was provided to the trustees by Osborne Clarke.

Commenting on the deal, chair of trustees, Roshan Teeluck, said: “Above all, this positive news improves the security of providing benefits payable to the members of the scheme and their dependants.

"We are therefore incredibly pleased to have achieved this important milestone with Royal London, with excellent support from our advisers and the British Heart Foundation.”

Broadstone deal lead, Bob Jenkinson, added: “Broadstone was first appointed to provide services to the scheme over 20 years ago, so we are incredibly proud to have helped the scheme and charity reach such a key milestone.

"Completing the transaction in only 14 days is an amazing achievement and demonstrates our ability to deliver against both long-term and short-term objectives.”

Royal London BPA origination lead, Beatrice Male, said she saw a “strong alignment” in the values of Royal London and the British Heart Foundation Staff Pension Scheme, adding that the firm was “proud” to be entrusted with safeguarding the benefits of its pension scheme’s members.

“Before this transaction, the British Heart Foundation Staff Pension Scheme has been a long-term client of our investment business, Royal London Asset Management, and this transaction will only deepen the relationship between us.”

---