M&G has completed a £100m bulk purchase annuity (BPA) transaction, covering 650 members of a pension scheme sponsored by an unnamed UK financial services company.
The transaction was completed in July 2026 through M&G's BPA Plus proposition, which uses the firm's £138bn with-profits fund to provide members' insured benefits while offering the potential for discretionary bonuses.
Howden Employee Benefits advised the trustee on the transaction and provided actuarial and administration support, while legal advice was provided by Mills and Reeve.
The deal was insured by Prudential Assurance Company, M&G's life and pensions subsidiary.
M&G head of bulk annuity origination and execution, Rosie Fantom, said: “This transaction demonstrates how trustees are increasingly looking beyond securing benefits and focusing on the value that can be delivered to members over the long-term.”
She added: “We are pleased to be supporting the trustee and look forward to providing members with the security and service they expect throughout their retirement.”
Commenting on the trustees’ reasons for selecting M&G, the chair of trustees, said: “We carefully assessed the strength of administration offering from the providers in the market and we have coupled quality with a brand our members can trust.
“This is the culmination of several years of work and we are grateful to the employer for their support, as well as the expert advice of the team at Howden Employee Benefits.”
Howden Employee Benefits head of risk transfer, Richard Gibson, added: “The scheme benefited from being exceptionally well prepared and it’s a sign of a healthy market that we obtained several very competitive bids.”
