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Halma, a group of safety equipment companies, has transferred the liabilities for 2,200 members across two of its pension schemes to an insurer.
The Halma Group Pension Plan and the Apollo Pension and Life Assurance Plan have secured benefits through buy-ins of a combined £250m with Standard Life. The former is sponsored by Amersham-based Halma and the latter by Apollo Fire Detectors, one of the subsidiaries. The transactions were completed in September 2024.
David Fink, a partner at lead transaction adviser LCP, said running two buy-in processes together helped the trustees get attractive pricing for both plans quickly in this busy market.
“The increased scale of the combined transaction also meant the plans were able to optimise the secondary market sale for the plans’ illiquid assets,” he noted.
Joe Haswell, BPA transaction manager at Standard Life, agreed that the derisking market continues to be busy, adding: “As the end of the year fast approaches, solid preparation like this remains key to the efficient production of quotes in a competitive market.”
Investment advice was provided by Mercer and legal advice by Squires Patton Boggs.
Standard Life, part of Phoenix Group, previously insured two linked pension schemes sponsored by an unnamed travel caterer in a £100m deal.
The pension risk market is booming as companies and trustees seek to take advantage of high funding levels. Recently it emerged that high street bank NatWest bought in a third of the £33.6bn Main Section of its DB scheme in two transactions earlier this year. Elsewhere, Pension Insurance Corporation has announced a £190m buy-in for the scheme of trade credit insurer Atradius.
