Harwich Haven Authority Pension Fund has completed a £45m full buy-in with Royal London, securing the benefits of 170 members.
The transaction, which was completed in November 2025, covered 125 pensioners and dependants, as well as around 45 deferred members.
The Essex-based pension fund appointed LCP as its risk transfer adviser, and LCP also carried out financial strength and insurer administration due diligence. In addition, Gowling and CMS providing legal advice.
“We are delighted to have secured this milestone in the fund’s journey, working collaboratively with the authority,” said Harwich Haven Authority Pension Fund chair of the trustee board, Dr Karen Purnell.
“Royal London was selected following an extensive due diligence process and receipt of advice from LCP and our professional advisers, and the strength of their overall proposal.” Purnell added.
The buy-in was executed through LCP’s streamlined buy-in service, which simplifies the process for smaller schemes.
LCP partner, Tim Gilbert, explained: “Our streamlined buy-in process allowed the trustees to take advantage of attractive pricing with certainty of contractual terms usually reserved for larger schemes. This was key to an efficient execution process.
“This transaction with Royal London demonstrates the competition in the market for smaller schemes that approach the market in the right way.”
Royal London BPA origination manager, Vic Smith, added: “Working with LCP through their streamlined buy-in service made for a highly efficient and enjoyable process.
“Meeting with the trustees, authority and their advisers helped to bring our mutual-led proposition to life.
"Our pre-negotiated contractual terms enabled us to focus our efforts on providing the trustees and the authority – an existing wider Royal London client – with a smooth and personal experience.”
