Standard Life has concluded a £1bn bulk purchase annuity (BPA) transaction across two pension schemes, the Chubb Pension Plan and the Chubb Security Pension Fund, which are both sponsored by subsidiaries of APi Group Corporation.

Agreed in June 2023, the BPA transaction covers approximately 14,000 pension members across both schemes.

The buy-in of the two schemes is a prime example of the continued growth of Standard Life’s BPA proposition, it said, furthering its commitment to the BPA market.

Barnett Waddingham acted as lead actuarial and investment advisers, while legal advice was provided to both sets of trustees by CMS.

Senior business development manager at Standard Life, Matt Richards, said: “This deal marks a smooth and efficient transaction that has insured the liabilities for almost 14,000 members and enabled the schemes to successfully de-risk in an uncertain economic environment.

“Throughout the transaction process there has been an open and collaborative approach between all parties, which has been key to the success of this transaction which we are delighted to have completed with the trustees. Having prepared well, and being willing to move quickly, the trustees were able to ensure a favourable outcome for their members.”

Chairman of both trustee boards, Brian McGowan, added: “We are delighted to have partnered with Standard Life to provide long-term security and financial certainty for all members. On behalf of the trustees, I would like to thank our advisors Barnett Waddingham and CMS for their advice and to thank the sponsoring employer for their support. The various teams worked together extremely well to secure this complicated deal.”

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