Senior has completed an £180 million bulk purchase annuity buy-in transaction for its pension plan.
The plan sponsor is an international manufacturer of high technology components and systems, specialist in fluid conveyance and thermal management, in the aerospace and defence, land vehicle and power and energy markets.
The transaction was carried out by Prudential Assurance, M and G’s wholly-owned subsidiary providing life and pensions solutions. It has secured the pension benefits for more than 3,000 members of its pension plan.
LCP acted as lead transaction adviser for the plan, while Osborne Clark provided legal advice to the trustee. CMS provided legal advice to M and G.
Sarah Leslie, director at ndapt and the plan’s chair of trustees, said: “The trustee and Senior worked diligently to complete this transaction with M and G, providing greater certainty for members. This was a key de-risking milestone. The trustee was impressed by M and G’s approach and confident they will provide strong support during this next phase of the plan’s life and in continuing to serve the members. The process ran smoothly and the highly collaborative approach between M and G and the plan’s advisers was instrumental to ensuring a successful transaction.”
Rosie Fantom, head of bulk annuity origination and execution at M and G, added: “We are pleased to have partnered with the trustee and worked with LCP to deliver a smooth and timely buy-in for the plan. This transaction highlights our ability to work flexibly with clients and provide exceptional member experience, something that is becoming ever more important given the increased funding level of schemes.”
David Fink, partner at LCP, said: “It was a pleasure to support the trustee on this significant transaction and achieve an excellent result for all stakeholders. The success of this transaction was driven by strong alignment between the trustee and Senior, M and G and advisory teams and a shared focus on delivering certainty and a positive experience for members.”
