Royal London, the UK’s largest customer owned life, pensions and investment provider, has completed a c.£208 million bulk purchase annuity (BPA) transaction with the trustees of the Hickson UK Group Pension Scheme (“the Scheme”). The transaction completed in June.
The transaction secures the benefits of more than 1,250 members and is Royal London's third-largest external BPA transaction to date. Including internal BPA transactions, it ranks as the firm's sixth largest overall, further strengthening its position in the mid-sized segment of the market.
The trustees, chaired by BESTrustees Limted were advised by Barnett Waddingham as risk transfer adviser, with Pinsent Masons providing legal advice and Mercer providing investment advice. Royal London was advised by Mayer Brown. This transaction builds on a long-standing relationship with Royal London Asset Management (RLAM).
Mark Sharkey, BPA Origination Lead at Royal London, said: “This transaction with the trustees of the Hickson UK Group Pension Scheme demonstrates our growing track record in the mid-market sized BPA market, with our sixth transaction over £200m. The trustees’ long-standing relationship with RLAM established a strong starting point for us to really understand their priorities and develop a tailored BPA solution. That extended to moving at pace to meet the Scheme’s evolving needs at the point of exclusivity.”
Nikhil Patel, Head of Bulk Annuities at Barnett Waddingham, part of Howden, said: “In such a competitive space in the market, the transaction led to some strong proposals for the trustees to consider. Ultimately, the trustees were able to secure a deal that met the needs of the Scheme, sponsor and members, including insuring the non-standard features of the benefits. It was a pleasure working with the trustees, Royal London and the Scheme’s other advisers on the first of several significant transactions Barnett Waddingham expect to complete in 2026.”
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