The trustee of the Aegon UK Staff Retirement and Death Benefit Scheme has completed a £160m partial buy-in with Scottish Widows, covering the interest rate, inflation and longevity risk relating to around 500 members.

Hymans Robertson acted as the lead adviser on the deal, while Burness Paull provided legal support to the trustee and Scottish Widows was advised by Hogan Lovells.

Aegon UK Staff Retirement and Death Benefit Scheme trustee chairman, Maurice Brunet, highlighted the buy-in as a “further significant step” in the implementation of the scheme’s de-risking strategy, which aims to improve the long-term security of all members’ benefits.

Scottish Widows head of origination and structuring, Matt Wilmington, added: “This transaction was the culmination of a collaborative process with the trustee and its advisers through a period of market volatility following the October Budget, and we are excited to be working with the Aegon pension scheme for the long-term on helping achieve their de-risking aims.

“Our experienced team continues to focus on strengthening our track record of working with trustees and scheme sponsors to deliver for their members and growing our market share.”

Hymans Robertson senior consultant and adviser to the trustee, Tim Wanstall, added: “Hymans Robertson is delighted to have helped the trustee achieve a great outcome for the scheme and its members.

“Close working between all parties enabled a smooth implementation of the buy-in, despite market conditions.”


This article first appeared on our sister title, Pensions Age.

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