The Leeds Building Society Staff Pension Scheme has completed a £66m buy-in with Royal London, securing the benefits of 590 members.

The scheme trustees were advised by Isio and Arc Pensions Law on the transaction.

For Royal London, this deal represented the second bulk annuity purchase (BPA) with the pension scheme of a fellow mutual, and the first with a building society.

Leeds Building Society Staff Pension Scheme chair of trustees, Paul Riley, commented: “We are delighted to have successfully completed this buy-in for the Leeds Building Society Staff Pension Scheme with Royal London, a fellow mutual whose values closely align with our own.”

He said the transaction represented “an important milestone” for the scheme and its members.”

Royal London BPA origination manager, Victoria Smith, added that working with the scheme’s trustee board “quickly brought our natural alignment to life”.

“As two organisations over 150 years old,” she said, “built on long-term thinking and mutual values, we share a commitment to doing the right thing for our customers for the very long-term.”

Isio principal consultant, Kellie Appleby, added that the “shared values” of the two organisations, and “commitment to customers,” created a strong foundation for a long-term partnership.

The BPA transaction was finalised in March 2026.

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