The Finning Pension Scheme has secured a £250m buy-in with Standard Life, covering the benefits of all 2,170 scheme members.

The deal, which was completed in 2024, will help the scheme meet its de-risking objectives.

The trustee and sponsor collaborated closely with Standard Life to secure the buy-in following a competitive auction process.

Aon acted as the trustee's lead transaction adviser, with investment advice from Hymans Robertson and legal advice from Gowling WLG.

Finning Pension Scheme chair of trustees, Ciaran McMenamin, said he was pleased to have completed the transaction, which is a "great outcome" for our members.

"Standard Life was selected following a highly competitive process involving seven insurers. Aon expertly led and managed the process," he stated.

"We chose Standard Life taking into account a broad range of factors, including Standard Life's willingness and ability to work closely with the scheme's administration team and minimise impacts on member service and experience."

Standard Life BPA transaction manager, Alex Oakley, added: "We pride ourselves on being able to provide the very best solutions to support schemes and their trustees in meeting their de-risking objectives.

"In this case, our ability to meet the specific needs of the scheme and work with their existing processes ensured a smooth and efficient de-risking journey and a successful outcome for all involved.

"Insurers continue to play a crucial role in this highly active defined benefit de-risking market, and we remain focused on collaborating closely with schemes and trustees to deliver tailored solutions that align with their long-term objectives."

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