Standard Life has completed a £200 million bulk purchase annuity (BPA) transaction with the Abbey Life Assurance Company Limited Staff Pension Scheme, securing the benefits of over 1,500 members.
The transaction, which completed in April 2026, covers the pensions of 1,584 members. This includes c.600 deferred members and approximately 900 current pensioners and dependants.
Abbey Life was acquired by Standard Life (formerly Phoenix Group) in 2016, and as sponsor of the Scheme, Standard Life have been working closely with the Trustee team and their advisers over recent years to facilitate an effective and well‑aligned outcome, benefiting from an established relationship and shared understanding of objectives.
Aon advised the Trustee on the transaction, with legal advice provided by Linklaters.
Lauren Doherty, Pensions Risk Transfer Transaction Manager at Standard Life, said: “The buy‑in represents an important de‑risking milestone for the Scheme and our long‑standing relationship and clear alignment on the Scheme’s goals allowed all parties to work closely together, supporting an efficient transaction timetable and a smooth route to completion. This marks a positive step in securing members’ benefits for the long term.”
Michael Walker, Partner at Aon, said: “As the long-standing Scheme Actuary, Investment Adviser and Risk Settlement adviser, we are pleased to have been able to support the Trustee throughout this process, delivering a positive outcome for all stakeholders. Collaboration was key to this complex transaction, and it has been a pleasure to work with the Trustee, Standard Life and both parties’ advisers.”
Neil Tointon, Chair of Trustees, said: “We are pleased to have reached this significant milestone for the Scheme and to achieve benefit security for our members through the buy-in. This is the culmination of many years of preparation, supported by Aon and Linklaters, and the result of a long-established close relationship with Standard Life. The Trustee has greatly appreciated the support from the Scheme’s sponsor in making this transaction possible, as well as the commitment and dedication of our advisers to achieve such a great outcome on behalf of our members.”
