The F.Hinds Pension Fund has completed a £42m bulk purchase annuity (BPA) transaction with Royal London, securing the benefits of 485 members.
LCP acted as risk transfer adviser to the trustees, while Addleshaw Goddard provided legal advice on the transaction.
Isio acted as scheme actuary and investment adviser to the trustees, while Royal London was advised by Mayer Brown.
The transaction marks the second deal completed by Royal London through LCP's streamlined service for smaller pension schemes within the past six months.
According to Royal London, the transaction involved close collaboration among the insurer, trustees, and advisers to develop a solution that would provide flexibility in the distribution of any future surplus.
Royal London BPA origination manager, Mark Sharkey, said the heritage and values of F.Hinds closely aligned with Royal London’s own approach as a customer-owned business.
“This transaction further strengthens our growing track record of partnering with trustees and advisers to deliver tailored solutions regardless of pension scheme size,” he continued.
F.Hinds Pension Fund chair of trustees, David Hinds, said the trustees were “delighted” to have completed a full buy-in of the scheme.
“The trustees selected Royal London based on the strength of their proposal and the alignment of their values with F.Hinds,” he stated.
Meanwhile, LCP partner, Rachel Hirst, added that the transaction demonstrated the “attractive pricing and terms” that could be secured for schemes of this size through the “right process”.
