London Stock Exchange Group (ISEG) Pension Scheme has completed a £335 buy-in to secure the benefits of around 1,740 members.
The bulk purchase annuity deal, which was completed with Standard Life, covers both sections of the Scheme, including the LSE Section and LCH Section.
Georgina Wallis, DB pensions director at London Stock Exchange Group, said: “This step is another significant milestone in the group’s long-term pension strategy. We are delighted to have achieved this result for the scheme which was a product of the collective efforts of the trustee, LSEG, their advisers and Standard Life.”
Catherine Redmond, trustee executive at BESTrustees Limited and chair of the trustee, added: “This transaction provides greater certainty for our members and reduces the risks in the scheme. We appreciate the support from the sponsor throughout the Scheme’s journey as well as the guidance from our advisers in taking this next step on our de-risking journey, and helping us achieve our long-term goal of being fully insured.”
During the transaction, Aon acted as lead advisers, Eversheds Sutherland provided legal advice to the trustees and Redington supplied investment advice.
Rhian Littlewood, senior business development manager at Standard Life, said: “This transaction was made possible thanks to the exceptional collaboration and engagement between all parties involved, working together to identify the solutions that best matched the specific de-risking requirements of the scheme.
“Increased funding levels meant that the scheme was well positioned to explore how to reduce its risks through a bulk purchase annuity deal. Through this collective effort, the Scheme was able to seize an ideal market opportunity, resulting in a smooth and efficient process, and we are pleased to have been part of this solution.”
Herbert Smith Freehills and ITM acted as advisers to Standard Life.