The Biffa Pension Scheme has completed a £275m buy-in with Standard Life, securing the benefits of 3,070 members.
The deal covers 1,280 deferred members and 1,790 current pensioners and dependents of the scheme, which is sponsored by Biffa, a UK waste management and recycling company.
Standard Life director, pension risk transfer, Alexa Mitterhuber, said: "This transaction has helped provide greater long-term certainty for more than 3,000 members.
“It also demonstrates the value of strong collaboration between all parties. The scheme approached the market with clear objectives and a high level of preparation, enabling an efficient process and a positive outcome.”
Commenting on the completed transaction, Biffa Pension Scheme chair of trustees, Keith Jones, said it is “a significant achievement” for the scheme, adding that Standard Life “is a well-established brand familiar to our members”.
A Biffa representative added they are pleased to have reached this milestone, “as the transaction provides increased benefit security for members that have supported Biffa on its growth journey over a number of years”.
Aon acted as lead transaction adviser to the trustee and also provided actuarial and investment advice, while Gowling WLG served as legal adviser.
Aon partner, Hannah Brinton, commented: “The process generated significant insurer engagement and competition across the market, culminating in the selection of Standard Life.
“This included making certain that the trustee’s requirements on services for member experience were an integral part of the deal.”
