Findel Group Pension Fund completes £175m buy-in with Standard Life

The Findel Group Pension Fund has completed a £175m full scheme buy-in with Standard Life, covering around 2,000 members.

The deal was agreed in February and completed in March, securing the benefits for all scheme members.

Standard Life, part of Phoenix Group, worked closely with the scheme trustee over an ‘accelerated timeline’ to conclude the deal.

The trustee was advised on the transaction by Barnett Waddingham, FRP Advisory and Pinsent Masons, while PwC provided advice to the sponsoring employer.

Commenting on the announcement, Findel Group Pension Fund chair of the trustee and PAN Trustees UK chair, Steve Delo, said: “We are delighted to have secured this deal with Standard Life.

“The transaction will deliver security to the members of the Findel Group Pension Fund and reflects many years of hard work by a strong and attentive trustee board and their advisers, along with contributions from the sponsoring employer.

"On behalf of the trustee, I would like to thank all our advisers including Barnett Waddingham, FRP Advisory and Pinsent Masons for their advice and support in getting the fund to this stage.

“I also thank PwC in their role as lead advisers to the sponsoring employer on this transaction and it is pleasing to see how well the trustee and employer advisers worked together on this buy-in.”

Standard Life senior business development manager, Rhian Littlewood, said it was “a privilege” to partner with the scheme trustee on an “important transaction which has provided certainty for the fund members”.

She continued: “The co-operation and engagement of all parties was exceptional, enabling a rapid response by the trustees and facilitating the transaction on accelerated timelines.

“This transaction reinforces Standard Life’s ongoing commitment to the bulk purchase annuity market and continued expansion of our proposition, supporting trustees and sponsors in de-risking their pension schemes by providing flexible solutions to suit varying needs and requirements.”

Barnett Waddingham partner and scheme actuary to the fund, Robert Hawkes, added: “Securing the buy-in represents a significant achievement for the fund. The individuals that make up the trustee board have been so impressive in their engagement and drive over the years to achieve the objectives for the benefit of the members of the fund.

“We very much look forward to working closely with the trustee with the buy-in policy in place and to continue the success story for the fund.”

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