Chubb Pension Plan and Chubb Security Pension Fund have completed a £1 billion pensions buy-in for around 14,000 of the schemes’ members.
The bulk purchase annuity deal for the schemes, which are sponsored by APi Group Corporation subsidiaries, was agreed last month (June) and carried out by Standard Life.
Barnett Waddingham provided lead actuarial and investment advice services, while CMS delivered legal advice to both groups of trustees.
Brian McGowan, chairman of both trustee boards, said: “We are delighted to have partnered with Standard Life to provide long term security and financial certainty for all members. On behalf of the trustees, I would like to thank our advisers Barnett Waddingham and CMS for their advice and to thank the sponsoring employer for their support. The various teams worked together extremely well to secure this complicated deal.”
Also commenting on the deal, Matt Richards, senior business development manager at Standard Life, added it marked “a smooth and efficient transaction that has insured the liabilities for almost 14,000 members and enabled the schemes to successfully de-risk in an uncertain economic environment”.
He explained: “Throughout the transaction process there has been an open and collaborative approach between all parties, which has been key to the success of this transaction which we are delighted to have completed with the trustees. Having prepared well, and being willing to move quickly, the trustees were able to ensure a favourable outcome for their members.”
Simon Bramwell, partner at Barnett Waddingham, said: “We are very proud to have advised the trustees on these sizeable and complex buy-ins. This could not have been achieved without the significant amount of preparatory work carried out by the trustees and the efforts of all parties working closely together to get the best result for both schemes.”
Amanda Chammings, partner at CMS, commented: “Collaboration with Barnett Waddingham, Standard Life and all other parties involved was a key element to delivering the buy-ins on time in such a busy market. It’s really pleasing to secure such a positive outcome for members of the schemes.”