The Grant Thornton Pensions Fund has secured a £275m buy-in with Royal London, securing the benefits of around 2,200 members.

Aon provided advice to the trustee and Grant Thornton UK, while Osborne Clarke advised the trustee and DLA Piper advised Royal London.

Barnett Waddingham and Cardano provided actuarial and investment advice to the trustee.

Royal London was one of nine insurers that submitted proposals for the buy-in.

The trustee and Royal London have since collaborated to create a project plan for the buyout of the fund. Once the buyout is complete, the fund members will become direct policyholders of Royal London.

The Grant Thornton Pensions Fund Trustees chair, Carl Williams, said that this transaction is a “fantastic” outcome for its members.

“The very competitive process and the insights provided by Aon throughout, meant we really could weigh up all options, including non-price factors, and we are confident that our members will be well supported going forward,” Williams continued.

“This transaction and the agreed timetable to move on to full buyout reflects the strong support and collaborative engagement of all our advisors.”

Adding to this, Grant Thornton UK CEO, Malcolm Gomersall, said that the transaction allows the firm to move forward with a focus on its growth strategy while knowing that the members of the fund are “well looked after”.

Royal London BPA origination lead, Mark Sharkey, said as its largest external transaction to date, Royal London hopes the scale of this buy-in will further “strengthen” the appeal of its mutual-led proposition for many more trustee boards in the future.

Sharkey added that Royal London was “incredibly proud” to have been selected by the trustee to partner with them on this transaction.

“We now look forward to building on the brilliant relationship that has been fostered with the trustee, Aon, and Osborne Clarke, as we work towards welcoming their members to Royal London,” he said.

Also commenting on the deal, Aon partner, Leah Evans, said: “This is such a positive outcome for members, the trustees and the firm.

“Against the backdrop of a change in firm ownership, we were able to design a process that delivered maximum insurer engagement and choice for the trustees and allowed the firm to complete its parallel corporate restructuring activity with clarity and confidence over their pensions obligations.”

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