MGM Assurance picks Standard Life for £80m buy-in
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Standard Life has completed an £80m buy-in with the MGM Assurance Staff Pension Plan, securing the benefits of around 700 members.
The sponsoring employer is Scottish Friendly Assurance Society Limited. The plan provides retirement and pension benefits to employees of Scottish Friendly.
Rhian Littlewood, senior business development manager at Standard Life, said the trustees came to the insurer with “a significant amount of preparation already complete”, adding: “This made navigating the process of securing members’ benefits easier, faster, and more cost effective, and ensured we could secure the best outcome for the plan.”
Littlewood encouraged schemes to work closely with their advisers to prepare “in an increasingly busy marketplace”.
Neil Walker, chair of trustees, said: “We were delighted to secure strong insurer engagement as a result of the preparatory work we undertook with our advisers. We are really pleased to have entered into a buy-in policy with Standard Life, who will provide the members of the plan with strong security in their retirement.”
XPS Pensions Group acted as the lead advisers to the trustee, while legal advice was provided by Hogan Lovells.
Ash Williams, partner at XPS and lead broker, said: “XPS are finding that schemes of all sizes can get excellent traction with the insurance market by being well prepared, flexible in their approach and pragmatic, focussing on the features of the deal that really matter to clients.”
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