The Pandrol Group Pension Scheme has secured a £45m buy-in with Royal London, covering around 200 scheme members.

Barnett Waddingham provided actuarial, administration, investment advice and provided risk transfer support to the trustee, while CMS acted as the scheme’s legal advisors, and PwC and Gunnercooke provided advice to Pandrol.

A joint working group was also established to bring the interested parties together to support the decision-making process.

Commenting on the deal, Royal London BPA origination manager, Victoria Smith, said: “Working closely with the trustee, Pandrol and their respective advisers in a sole-insurer capacity enabled us to deliver a smooth and efficient transaction that reflects our mutual values and our commitment to brilliant customer outcomes.

“With a clear focus on collaboration and execution, we look forward to supporting the Scheme over the coming months and years to continue to deliver benefits to members.”

Commenting on behalf of the trustee board, Capital Cranfield trustee, Susan Anyan, said: “We are delighted to have been able to take the opportunity to complete this transaction, securing all of our members’ pensions with a highly reputable insurer.

“This successful outcome reflects an ambitious collaboration between the trustee and Pandrol, supported by proactive and practical advice from our advisers.”

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