MMC pension fund's Sedgwick section completes £1.9bn buy-in with Standard Life

Written by Adam Cadle

06/08/2025

Standard Life has completed a £1.9bn bulk purchase annuity transaction with the Sedgwick Section of the MMC UK Pension Fund.

The sponsoring employer, Marsh McLennan, is a global leader in risk, strategy and people. Mercer, who acted as the lead broker on the transaction, is a business of Marsh McLennan.

The transaction covers the benefits of all c. 6,500 members of the Section, who were previously employed by Sedgwick Group, acquired by Marsh McLennan in 1998.

The buy-in includes novation of the Section’s three existing longevity swaps with Canada Life Re, Munich Re, and The Prudential Insurance Company of America (PICA) from the Guernsey-based insurance captive vehicle, Mercer ICC Limited.

Separate teams at Mercer advised the trustee and Marsh McLennan, providing risk transfer, actuarial, investment, insurer financial strength and post-transaction management advice. Linklaters and Herbert Smith Freehills Kramer provided legal advice to the trustee and Marsh McLennan, respectively. Eversheds Sutherland LLP advised Standard Life.

Kieran Mistry, director of defined benefit solutions at Standard Life, commented: “We are pleased to have supported the trustee and company in securing their members’ benefits with a bulk purchase annuity policy. Executing this complex transaction required a highly collaborative approach between all parties, leveraging the strong relationships between Mercer, Standard Life and the reinsurers.

“We are grateful for the commitment and teamwork shown by the trustee, Marsh McLennan, and their advisers throughout the process, and the support of the teams at Canada Life Re, Munich Re, and PICA.”

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