Standard Life, part of Phoenix Group, has concluded a £1.2bn bulk purchase annuity (BPA) transaction covering c. 20,200 members of the Mitchells & Butlers Pension Plan.

XPS Pensions Group acted as the lead advisers to the trustees for this transaction, while legal advice was provided by Gowling WLG.

Rhian Littlewood, senior business development manager at Standard Life, said: “We are delighted to have been selected to partner with the trustees to secure the retirement incomes of over 20,000 members. This transaction marks a significant milestone for the plan, and Standard Life is proud to have played a role in supporting the trustees to make this progress in their de-risking journey.

“Throughout the process, we worked closely with the trustees on a clear strategy and an innovative solution to help manage the sale of illiquid assets, which was crucial to the success of this transaction. Many schemes in the current market environment will face similar challenges to the plan, and Standard Life is able to support schemes through these to a successful outcome. This transaction demonstrates how innovation, good planning and co-operation between all parties can help facilitate a positive result.”

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