The Post Office has completed a £450 million bulk annuity buy-in transaction for its section of the Royal Mail Pension Plan.
The buy-in transaction, completed with Rothesay Life, will cover the scheme’s deferred members and includes all benefits accrued since the Royal Mail Pension Plan started in 2012.
The pension scheme’s trustees were advised by law firms ARC Pensions Law and Sackers, as well as business management consultancy Lane Clark and Peacock (LCP).
Anna Rogers, senior partner at ARC Pensions Law, said: “We were proud to work with the trustees alongside their ongoing advisers on this transaction. The goal was to reduce the friction between the real world of pensions admin and the ivory tower of legal documentation.
“There are constructive things that can be done and a fresh pair of eyes can bring a new perspective. When you’re selling anything it helps if you present it well to the market and pension liabilities are no different.”