The transaction, which was agreed in February and transacted in March, has enabled the Trustee to secure full benefits for all of the Fund’s circa 2,000 members. Standard Life and the Trustee worked closely together over an accelerated timeline to complete the deal.
The Trustees were advised by Barnett Waddingham, FRP Advisory and Pinsent Masons. PwC advised the sponsoring employer.
Rhian Littlewood, Senior Business Development Manager at Standard Life, part of Phoenix Group, said: “It is a privilege to be partnering with the Trustee on this important transaction which has provided certainty for the Fund members. The co-operation and engagement of all parties was exceptional, enabling a rapid response by the Trustees and facilitating the transaction on accelerated timelines.
“This transaction reinforces Standard Life’s ongoing commitment to the BPA market and continued expansion of our proposition, supporting trustees and sponsors in de-risking their pension schemes by providing flexible solutions to suit varying needs and requirements. We are delighted to welcome the Fund’s members to Standard Life.”
Steve Delo, Chair of PAN Trustees UK LLP and Chair of the Trustee, said: “We are delighted to have secured this deal with Standard Life. The transaction will deliver security to the members of the Findel Group Pension Fund and reflects many years of hard work by a strong and attentive Trustee Board and their advisers, along with contributions from the sponsoring employer. On behalf of the Trustee, I would like to thank all our advisers including Barnett Waddingham, FRP Advisory and Pinsent Masons for their advice and support in getting the Fund to this stage. I also thank PwC in their role as lead advisers to the sponsoring employer on this transaction and it is pleasing to see how well the Trustee and employer advisers worked together on this buy-in.”
Robert Hawkes, Partner at Barnett Waddingham and Scheme Actuary to the Fund, said: “Securing the buy-in represents a significant achievement for the Fund. The individuals that make up the Trustee Board have been so impressive in their engagement and drive over the years to achieve the objectives for the benefit of the members of the Fund. We very much look forward to working closely with the Trustee with the buy-in policy in place and to continue the success story for the Fund.”
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