The Royal Institute of British Architects 1974 Staff Pension Scheme has completed a £35m buy-in with Pension Insurance Corporation (PIC), securing the benefits of 168 members.

The transaction fully secures members' benefits within the insurance regulatory framework and marks a key milestone for the scheme, whose sponsor, the Royal Institute of British Architects (RIBA), was established 190 years ago and represents architects, practices and students globally.

The transaction was led by Aon, with the trustees receiving actuarial and investment advice from Mercer and legal advice from Eversheds Sutherland. Addleshaw Goddard advised PIC.

Commenting on the transaction, BESTrustees chair of trustees for the scheme, Ann Rigby, said: "We’re really pleased to have completed this transaction with PIC.

"Its team were innovative and flexible as we addressed the complexity of the scheme’s benefit structure. Fully securing the benefits of our members within the insurance regulatory framework has been our long-term objective, and with RIBA’s support, we are proud to have achieved this for our members."

PIC origination actuary, Jake Stanbridge, added that the insurer was pleased to have been selected by the trustees to secure members' pensions.

"The scheme had a particularly complex benefit structure which required us to work closely with the trustees to ensure that their needs were met," he noted.

"Tailoring bespoke solutions to complex situations is something that PIC has a long track record of achieving, and we are very pleased to have been able to apply our experience to help the trustees in this instance."

Meanwhile, Aon senior consultant, Joanna Davies, confirmed that the transaction used Aon's pathway approach, a streamlined process for bulk annuity transactions delivered in partnership with Eversheds Sutherland.

"Using our pathway approach made this transaction straightforward, allowing us to focus on the areas that really mattered to the trustees and enabling insurers to apply some of the innovation more typically seen on bigger transactions to this scheme - all to the benefit of the members," she said.

---