Standard Life bags £114m buy-in with Vector Pension Scheme
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Standard Life has concluded a £114m buy-in transaction with the pension scheme sponsored by Vector Industries Ltd, securing the benefits of roughly 1,800 members.
The bulk purchase annuity arrangement was completed in November 2023, after the insurer and the trustee monitored transaction affordability, alongside managing the scheme’s illiquid asset holdings.
Rhian Littlewood, senior business development manager at Standard Life, said: “Working closely with the scheme’s advisers to agree contractual terms in advance meant the scheme was well positioned to move quickly on a transaction when the time was right.”
XPS Pensions Group acted as the lead advisers to the trustee for this transaction, while legal advice was provided by Osborne Clarke LLP.
Ash Williams, a partner in the XPS Risk Settlement team and lead broker, said: “The collaborative and close partnership with Standard Life and the innovative execution structure agreed up front was effective and allowed the trustee to take advantage of optimal market conditions and complete the transaction.”
Stephen Smith, chair of the trustee, said: “This was a complicated project that ran over several years and we thank XPS and Osborne Clarke for the clarity and expertise they brought in assisting us through the process. Standard Life have been an open and willing partner through the project, and we look forward to working closely with them in the future.”
Last month, Standard Life announced it had concluded a £300m full schemed buy-in with iPSL section of the Unisys Payment Services Ltd Pension Scheme and the Unisys Public Sector Pension Scheme, covering about 2,400 members.
