The British Heart Foundation Staff Pension Scheme (the “Scheme”) has completed a £37m buy-in with Royal London, the UK’s largest mutual life, pensions and investment provider.
The Scheme is sponsored by British Heart Foundation (the “Sponsor” or “BHF”) and the transaction insures the pensions of over 200 members, comprising 118 pensioners and their dependants and 85 deferred pensioners.
The Trustee Board and their advisers, Broadstone and Osborne Clarke, completed the transaction just 14 business days after Royal London was awarded exclusivity by the Trustees. Royal London, the Scheme and BHF had an existing relationship via Royal London Asset Management.
Broadstone was appointed to lead the risk transfer project, adding to their long-standing provision of scheme actuary, secretarial, administration, and investment services for the Scheme. Legal advice was provided to the Trustees by Osborne Clarke.
Bob Jenkinson, Deal Lead at Broadstone, added: “Broadstone was first appointed to provide services to the Scheme over 20 years ago, so we are incredibly proud to have helped the Scheme and Charity reach such a key milestone. Completing the transaction in only 14 days is an amazing achievement and demonstrates our ability to deliver against both long-term and short-term objectives.”
Roshan Teeluck, Chair of Trustees said: “Above all, this positive news improves the security of providing benefits payable to the members of the Scheme and their dependants. We are therefore incredibly pleased to have achieved this important milestone with Royal London, with excellent support from our advisers and BHF.”
Beatrice Male, BPA Origination Lead at Royal London, commented: “We see strong alignment in the values of Royal London and the British Heart Foundation Staff Pension Scheme, and we’re proud to be entrusted with safeguarding the benefits of their pension scheme’s members. Prior to this transaction, the British Heart Foundation Staff Pension Scheme has been a long-term client of our investment business, Royal London Asset Management, and this transaction will only deepen the relationship between us.”
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