The IBM I.T. Solutions Pension Scheme (I Plan) has concluded a £700m buy-in with Standard Life, securing the benefits of more than 3,600 members.
The bulk purchase annuity deal covers both pensioner and deferred members, and removes funding and investment risk for the scheme.
Standard Life was chosen as the insurer of the scheme following a competitive tender process.
This builds on the existing relationship between Standard Life and IBM, with the insurer already covering the IBM UK Personal Pension Plan.
The I Plan transaction was completed in November 2025, with WTW acting as lead transaction adviser while also providing actuarial and investment advice to the trustee.
Sackers acted as legal adviser to the trustee of the scheme.
“We are delighted to have achieved this significant milestone in the I Plan’s de-risking journey WTW led a thorough and competitive selection process, which led to an excellent outcome for our members,” commented I Plan trustee chair, Robert Tickell.
“Following which we chose Standard Life as our preferred partner. Standard Life’s strong brand and member-focused proposition played a key role in our decision.
“The transaction was completed smoothly, and we’d like to take the opportunity to thank all parties for working collaboratively to achieve the best outcome for our members.”
Standard Life director of defined benefit solutions, Jack Hill, said it had been a pleasure working with the trustees and their advisers on the deal.
“During the competitive selection, the trustee prioritised an insurer that could provide clarity, confidence, and excellent member experience,” he continued.
“Building on an established relationship with IBM, Standard Life is delighted to have the opportunity to reinforce our shared commitment to supporting members now and in the future.”
WTW director of pension risk transfer, Greg Robertson, added: “This transaction was strategically positioned in the market to maximise insurer engagement.
“This approach resulted in a highly competitive process and an excellent outcome for the trustee.”
