The Misys Retirement Benefits Plan has completed a £25m buy-in with Legal & General (L&G), securing the benefits of around 190 deferred and pensioner members.

The transaction, which follows a £23m buy-in with L&G in 2012 covering pensioner liabilities, was advised on by Aon using its ‘Pathway’ approach for transactions under £150m.

It was then executed via L&G’s ‘Flow’ process, designed to streamline smaller buy-ins.

Independent Governance Group trustee director, David Brickman, said the deal strengthened member benefit security and reflected “the strong support and collaborative engagement” of the sponsor and advisers.

“We are confident that the transaction represents a fantastic outcome for our members, all of whom will be well supported going forward,” he added.

Aon associate partner in the UK risk settlement team, Joe Hathaway, highlighted the importance of affordability in a “busy market” for smaller schemes.

“We worked closely with L&G to ensure affordability… including agreeing a premium payment mechanism that provided much-needed certainty around the contribution required,” he said.

L&G institutional retirement and pensions risk transfer director, Matthew Dales, said the plan had benefited from L&G Flow, as it gave them access to immediately transactable pricing, flexible premium payment and tailored post-transaction support.

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