The Delcam Retirement Benefits Scheme has completed a £28m full-scheme buy-in with Royal London, securing the benefits of 171 members.
The bulk purchase annuity transaction followed a competitive auction process and supported the scheme's de-risking objectives, while providing increased certainty for members.
Commenting on the transaction, Delcam Retirement Benefits Scheme chair of the trustees, Elizabeth Kwong, said: “This buy-in helps to provide certainty to our members about the security of their benefits and represents a pivotal moment in the scheme’s de-risking journey.”
Royal London BPA origination manager, Victoria Smith, added: "Securing the right outcome for members was at the heart of this transaction.
“So, it was a pleasure to work with the trustees of the Delcam Retirement Benefits Scheme and Aon to deliver a solution that provides members with long-term security and meets the scheme's wider objectives.”
Smith said the transaction demonstrated what can be achieved in buy-in transactions of any size through close collaboration and a shared focus on delivering outcomes for trustees and their members.
The scheme trustees were advised by Aon on risk transfer and received legal advice from Squire Patton Boggs, with Aon associate partner, David Thompson, saying it was satisfying to “achieve a transaction that meets a wide range of objectives”.
