The Oxford Instruments Pension Scheme has completed a £213m buy-in with Royal London, securing the benefits of more than 1,600 members.

The transaction, which was finalised in December, represented Royal London’s second largest external buy-in to date, following a £275m transaction with the Grant Thornton Pensions Fund completed in May last year.

The scheme was sponsored by Oxford Instruments plc, a provider of scientific technology tools and expertise to academic and commercial partners.

Advisers on the transaction included Aon, which acted as risk transfer adviser and scheme actuary to the trustee.

Legal advice was provided by Norton Rose Fulbright, with investment advice from Schroders.

Secretariat and governance support was provided by the Independent Governance Group, while Royal London was advised by Mayer Brown.

Oxford Instruments Pension Scheme chair of trustees, Steve Warren, said the trustee was "delighted" to have secured its members’ benefits via the bulk annuity policy with Royal London, achieving a "fantastic outcome" for the scheme, the sponsor and its members.

"Many thanks to Royal London and our advisers for helping us to achieve this significant milestone,” he added.

Royal London BPA origination lead, Baljit Khatra, said the insurer was “incredibly proud” to have been selected by the trustee following a competitive process.

“We understand that our differentiated proposition as a mutual was a key deciding factor in what was a highly competitive process," he continued

"It was fantastic working with the trustee and their advisers, and we’re committed to delivering with pace and proactivity as we support them and their members with a seamless, high-quality experience over the long term.”

Meanwhile, Aon risk settlement partner, Leah Evans, stated that the transaction reflected strong preparation by the trustee and sponsor.

“The focused preparation work carried out on member data, asset alignment and transaction decision making resulted in very strong insurer interest and ultimately culminated in a full scheme bulk annuity transaction that was secured on attractive terms for the scheme and its members.

"It was a pleasure working with the trustee, Oxford Instruments, Royal London and the other advisers throughout,” she concluded.

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