PerkinElmer UK Pension Scheme completes £130m buy-in with Standard Life

PerkinElmer UK Pension Scheme has completed a £130m full scheme buy-in with Standard Life, covering all 900 pensioner and deferred members.

Standard Life has also offered the trustee the option to transfer the scheme’s defined contribution funds to a Standard Life arrangement in due course, giving members the option of keeping their pensions in one place.

The transaction was led by LCP and legal advice was provided by Baker Mckenzie, while DLA Piper advised Standard Life.

Scheme trustee chair and Ross Trustees trustee director, Jo Myerson, commented: “I’m delighted that the benefits of our scheme members are now fully insured with Standard Life.

“Thanks to the thorough preparation and collaborative working between the Ross Trustees team, the scheme’s advisers, LCP and Baker McKenzie, and representatives from the company, we were well placed to capture an attractive pricing opportunity in the market and execute a transaction efficiently.

“Since being appointed to lead the trustee board, Ross Trustees has placed great emphasis on clear governance and a robust process in order to select the right insurer for our members.”

Adding to this, Standard Life senior BPA business development manager, Rhian Littlewood, said: “We are delighted to have been selected to partner with the trustee and provide a secure home for the pension benefits of scheme members.

“This transaction demonstrates our expertise and our commitment to the buy-in and buyout market, and we are pleased to welcome the scheme members to Standard Life, a brand with a rich heritage of providing long term savings and retirement solutions.

“The continued growth of our BPA business also allows us to invest further into UK infrastructure and socially responsible projects that provide good returns as well as being vital to post-pandemic growth.”

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