The Trustee prioritised strong administration and member experience as the scheme has multiple sections following years of acquisitions. As part of its selection process, the Trustee recognised M&G’s ability to manage this complexity and deliver a smooth transition.
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 customers’ needs. Building on the launch of BPA Plus1, a key differentiator for M&G in the market, the business expects to achieve £3–£4 billion of annual BPA sales by 2027.
Hymans Robertson acted as risk transfer adviser, Aptia as Scheme administrator, Aon as Scheme actuary, Gallagher as investment adviser and Sackers as the Scheme’s legal adviser.
Rosie Fantom, Head of Bulk Annuity Origination & Execution at M&G, said: “We are delighted to have been selected by the Trustee as their trusted partner for their fifth and final buy-in. This is an important milestone for the Smiths Industries Pension Scheme, completing its move to fully secure members’ benefits. It also highlights the strength of our proposition and our ability to support schemes of varying size and complexity, with a focus on delivering tailored solutions, excellent administration and a positive member experience.”
Nicholas Godden, Chair of the Trustee of Smiths Industries Pension Scheme, said: “This buy-in with M&G reflects many years of careful planning and strong collaboration between the Trustee, Smiths Group and our advisers. On behalf of my fellow Directors, I would like to thank everyone involved in making the transaction possible, including all of our advisers and the Smiths Group in-house pensions team. Their collective expertise, commitment and support have been central to achieving this significant step in the Scheme’s journey.”
Michael Abramson, Partner at Hymans Robertson, said: “We’re delighted to have supported the Trustee in completing this final buy-in, securing the benefits of more than 10,000 members and their dependants. The insurance selection process placed significant emphasis on member experience, administration and implementation capability alongside pricing, ensuring an excellent outcome for the Scheme.”
This transaction was executed by the Prudential Assurance Company Limited (“Prudential”), M&G’s wholly owned subsidiary providing life and pensions solutions.
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