The Altro Pension Scheme has completed an £85m bulk purchase annuity (BPA) transaction with M&G, securing the benefits of 740 scheme members and their dependants.
The transaction was completed by Prudential Assurance Company, M&G's subsidiary, with Aon providing broking, investment and actuarial advice, and Pinsent Masons and Eversheds Sutherland providing legal advice to the trustees.
Finalised in April 2026, the deal was carried out using M&G’s BPA Plus arrangement, which gives members the security of a traditional BPA, alongside the potential for discretionary bonuses over time through M&G’s £132bn with-profits fund.
It was also the first to use Aon and Eversheds Sutherland’s Pathway platform with M&G.
The sponsor, Altro Limited, is a UK-based manufacturer specialising in flooring, wall cladding and car care products through its Autoglym division.
Altro Pension Scheme chair of the trustees and Zedra Group trustee executive, Andrew Elliott, said: “Protecting our members’ benefits has always been the key objective for both the trustees and company, and we’re proud of the way that we have worked together to achieve long-term security for our members through the transaction with M&G – made possible by strong collaboration between all of our advisers.
“The potential for additional benefit to our members in future on top of the insurance regulatory framework, through M&G’s innovative ‘BPA Plus’ offering, is a further upside.”
M&G head of bulk annuity origination and execution, Rosie Fantom, added the BPA Plus transaction was “a strong example of how we can work with trustees and their advisers to deliver practical, member-focused outcomes”.
