The Oxford Instruments Pension Scheme has completed a £213m buy-in with Royal London, securing the benefits of more than 1,600 members.
The transaction, which was finalised in December, represented Royal London’s second largest external buy-in to date, following a £275m transaction with the Grant Thornton Pensions Fund completed in May last year.
The scheme was sponsored by Oxford Instruments plc, a provider of scientific technology tools and expertise to academic and commercial partners.
Advisers on the transaction included Aon, which acted as risk transfer adviser and scheme actuary to the trustee.
Legal advice was provided by Norton Rose Fulbright, with investment advice from Schroders.
Secretariat and governance support was provided by the Independent Governance Group, while Royal London was advised by Mayer Brown.
Oxford Instruments Pension Scheme chair of trustees, Steve Warren, said the trustee was "delighted" to have secured its members’ benefits via the bulk annuity policy with Royal London, achieving a "fantastic outcome" for the scheme, the sponsor and its members.
"Many thanks to Royal London and our advisers for helping us to achieve this significant milestone,” he added.
Royal London BPA origination lead, Baljit Khatra, said the insurer was “incredibly proud” to have been selected by the trustee following a competitive process.
“We understand that our differentiated proposition as a mutual was a key deciding factor in what was a highly competitive process," he continued
"It was fantastic working with the trustee and their advisers, and we’re committed to delivering with pace and proactivity as we support them and their members with a seamless, high-quality experience over the long term.”
Meanwhile, Aon risk settlement partner, Leah Evans, stated that the transaction reflected strong preparation by the trustee and sponsor.
“The focused preparation work carried out on member data, asset alignment and transaction decision making resulted in very strong insurer interest and ultimately culminated in a full scheme bulk annuity transaction that was secured on attractive terms for the scheme and its members.
"It was a pleasure working with the trustee, Oxford Instruments, Royal London and the other advisers throughout,” she concluded.
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories