The trustees of the Crédit Commercial de France - London Branch Pension and Life Assurance Scheme have completed a £10m buy-in with Royal London, securing members’ benefits and supporting their long-term administration.

The transaction was completed with the support of the scheme’s sponsor, HSBC Bank, and insured the scheme’s members' benefits with Royal London.

Isio acted as lead adviser and transaction manager, supporting the trustees and sponsor throughout the process.

Ahead of approaching the insurance market, Isio also led a data rectification programme intended to ensure that the scheme’s information was accurate, complete and ready for insurer review.

Entrust headed the trustee activity, coordinating the scheme’s advisers and ensuring stakeholders remained informed as the transaction progressed.

The firms said Entrust’s experience of similar transactions helped maintain focus across the project and deliver the buy-in through an efficient and controlled process.

Mercer acted as scheme actuary and investment adviser, while Osborne Clarke provided legal advice to both the trustees and the sponsor.

The trustees selected Royal London following consideration of its financial strength, collaborative approach and focus on member outcomes and service quality.

Trustee representative, Allan Marchant, said the transaction represented an important step towards securing the sustainable payment of members’ benefits.

“The trustees were particularly pleased with the collaborative and well-coordinated approach taken throughout the transaction, including the work undertaken to improve and prepare the scheme’s data ahead of the insurer process," he added.

“We would like to thank our advisers and Royal London for their support in delivering a successful outcome for members.”

Royal London BPA origination manager, Tom Hill, noted that the insurer had worked closely with the trustees, sponsor and advisers to deliver an accelerated process while tailoring the transaction to the scheme’s requirements.

“We take pride in bringing a flexible and client-led approach to all our trustee clients, and this £10m transaction demonstrates that in action," he said.

“We now look forward to continuing to showcase that to the trustees in the post-transaction phase.”

Isio senior manager, Thomas Ridley, argued that Royal London’s ability to provide a competitive quotation through its Accelerator benefit and data template had allowed the scheme to respond quickly when market opportunities emerged.

“Combined with the focused data preparation work, this helped deliver a smooth and well-controlled transaction for all parties,” he added.

---