The transaction, by the Prudential Assurance Company Limited (“Prudential”), M&G’s wholly-owned subsidiary providing life and pensions solutions, is part of £1.5 billion of BPA deals completed by M&G during 2025.
The Trustees of the Scheme selected M&G due to its strong financial position and administration capabilities. The Trustees also welcomed M&G’s commitment to working in partnership to ensure excellent member experience was maintained following the buy-in.
LCP acted as the lead transaction adviser for the Plan, as well as Scheme Actuary and investment adviser. Gowling WLG provided legal advice to the Trustees on the contractual terms and Squire Paton Boggs provided legal advice to the Trustees on the benefits being insured. The deal is M&G’s first transaction using LCP’s streamlined buy-in service, which simplifies the buy-in process for smaller schemes through pre-negotiated contracts with enhanced terms, making transactions faster and more cost effective.
M&G is a founding member of the BPA market and has a strong track record in pension risk transfer, backed by a robust balance sheet and commitment to customers. Looking ahead, M&G continues to strengthen its position through product innovation to support long term growth in the market and achieve its ambition of £3-£4 billion per year in BPA transactions by 2027.
Rosie Fantom, Head of Bulk Annuity Origination & Execution at M&G, said: “We’re pleased to have worked with the Trustees of the Panasonic UK Pension Plan to deliver a solution tailored to the Plan’s needs, securing the benefits of around 650 scheme members. The transaction benefitted from having pre-agreed terms in place under LCP’s streamlined buy-in service which allowed us to execute the transaction in just over three weeks after agreeing exclusivity. Our ability to execute transactions quickly and effectively reflects M&G’s strength and expertise in the market and we will continue building on this to support trustees in managing pension risk and deliver certainty for members.”
Lisa Mundy, Professional Trustee, BESTrustees, said: “We are absolutely delighted to have completed this deal with M&G, where the Trustee's number one priority was to secure the long-term pension benefits of our members. With the strong support of Panasonic and the guidance of LCP we are pleased to say that we have achieved just that.”
Peter Rawson, Partner, LCP, said: “We are delighted to have supported the Trustees in securing a full buy-in with M&G. This was the third buy-in completed by the Trustees using LCP’s streamlined buy-in service, and the first with M&G. This transaction demonstrates that, when a scheme is well-prepared and there is strong collaboration with the sponsor, trustees can act quickly to take advantage of market opportunities. Through the LCP streamlined buy-in service, the Trustees were able to run an expedited process securing strong terms, whilst still undertaking a thorough selection and due diligence process.”
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