This deal was completed through M&G’s innovative ‘BPA Plus’1 proposition in April 2026. ‘BPA Plus’ combines the security and certainty that a traditional BPA can provide with the opportunity for members to benefit from potential future investment outperformance. By combining the two with the scale of M&G’s £132bn With-Profits Fund, it enables schemes to secure members’ core benefits while also sharing in the potential for discretionary bonuses over time.
The Trustees selected M&G following a competitive process, citing its financial strength, proven track record and the flexibility of its BPA Plus proposition. The deal also marks the first use of Aon and Eversheds Sutherland’s Pathway platform with M&G, helping to create a more streamlined approach for future business. Aon provided broking, investment and actuarial advice, while Pinsent Masons and Eversheds acted as legal advisers to the Trustees.
M&G is a founding member of the BPA market with over 25 years of experience implementing and administering bulk annuity transactions, backed by a robust balance sheet and a firm commitment to meeting our customers’ needs. Building on the launch of BPA Plus, a key differentiator for M&G in the market, the business expects to achieve £3–£4 billion of annual BPA sales by 2027.
This transaction was executed by the Prudential Assurance Company Limited (“Prudential”), M&G’s wholly owned subsidiary providing life and pensions solutions.
Rosie Fantom, Head of Bulk Annuity Origination & Execution at M&G, said: “We’re pleased to support Altro and the Trustees in securing the long-term future of their 740 members. This transaction highlights the value of ‘BPA Plus’, combining the security of a bulk annuity with the potential to offer greater outcomes over time. It’s a strong example of how we can work with trustees and their advisers to deliver practical, member-focused outcomes, and we look forward to continuing to support the scheme in the years ahead.”
Andrew Elliott, Chair of the Trustees, and representing ZEDRA said: “Protecting our members’ benefits has always been the key objective for both the Trustees and Company, and we’re proud of the way that we have worked together to achieve long-term security for our members through the transaction with M&G – made possible by strong collaboration between all of our advisers. The potential for additional benefit to our members in future on top of the insurance regulatory framework, through M&G’s innovative ‘BPA Plus’ offering, is further upside.”
Joanna Davies, Senior Consultant and Risk Transfer Adviser at Aon, said: “This transaction was efficient throughout but made even more so by the use of our ‘Pathway’ approach, agreed with M&G for the first time. This will also pave the way for more schemes to benefit from our streamlined process. In this case, it enabled us to move swiftly for the Trustees and complete a quick execution, securing a favourable outcome to the benefit of the members.”
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