The transaction, which completed in June 2026, covers approximately 1,500 deferred members and around 1,250 pensioners and dependants.
ReAssure, a life and pensions consolidator, was acquired by Standard Life (formerly Phoenix Group) in 2020. Standard Life has worked closely with the Trustee and its advisers in the period leading up to the transaction to support a well-aligned outcome for the Scheme and its members.
Mercer acted as risk transfer adviser to the Trustee, with legal advice provided by Gowling WLG.
This buy-in represents an important step in the Scheme’s journey to secure members’ benefits over the long term.
Emma Haylock, PRT Transaction Manager at Standard Life, said: “Reaching this stage reflects the close collaboration between the Trustee, sponsor and advisers over several months. By working together with a shared focus on achieving the right outcome, we’ve been able to support a transaction that strengthens long-term security for all members. This is a positive step forward for the Scheme and its future.”
Chris Martin, IGG, Chair of Trustee said: “I’m delighted that we have successfully completed this buy-in, which insures the benefits of all our members. This was a complex project and I am grateful for Standard Life’s support in achieving this outcome. I also want to thank the whole trustee board and our excellent advisers, Mercer, Gowling WLG, WTW and Gallagher for their role throughout the process in scoping and executing the transaction. Member experience has been at the forefront of our mind throughout this process and Standard Life have demonstrated their alignment and commitment in this respect”.
Andrew Ward, Partner and Head of Risk Transfer at Mercer, said: “We worked closely with the Trustee and Standard Life on this transaction. The Scheme’s relationship with Standard Life made for a particularly interesting process. This required due diligence and strong governance from the Trustee, resulting in an excellent outcome for members and helping to secure their benefits for the long term. The strength of the collaboration between the Trustee and Standard Life was central to achieving a strong package with residual risk cover. This acknowledged the individual Scheme’s circumstances giving the Trustee confidence in the outcome achieved.”
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