Cancer Research UK agrees £280m pension buy-in
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The Cancer Research UK Pension Scheme has insured the benefits of 2,800 members in a £280m buy-in.
The cancer charity’s pension scheme chose Standard Life, part of Phoenix Group, for the transaction which concluded in March. Mercer was the lead transaction adviser to the trustees, who had investment advice from LCP and legal advice from Sackers.
The cancer charity’s pension scheme chose Standard Life, part of Phoenix Group, for the transaction which concluded in March. Mercer was the lead transaction adviser to the trustees, who had investment advice from LCP and legal advice from Sackers.
Trustee chair Roger Cooper from Pi Partnership said the charity and trustee were targeting a transition to a full buy-in of the scheme by 2032.
He said: “I am delighted that with the support of our advisers and the backing of the charity the trustee has achieved this major step towards the eventual winding-up of the scheme ahead of its original target."
He said: “I am delighted that with the support of our advisers and the backing of the charity the trustee has achieved this major step towards the eventual winding-up of the scheme ahead of its original target."
Close collaboration with the Mercer risk transfer team was key to delivering a solution that addressed the needs of the scheme and the trustee, said Alex Oakley, BPA transaction manager at Standard Life.
“This was supported by the Scheme itself, which had undertaken careful preparation before the transaction, and had a clear set of objectives which meant our team could focus on their priorities and efficiently secure member benefits,” he added.
Mercer partner Maurice Speer said the insurer was carefully selected: “With such high demand from insurers for this scheme, we shortlisted insurers from the outset based on specifically defined selection criteria. A key consideration was insurers’ ESG credentials, their ability to offer a range of complex benefits, and member experience post buy-in. With more insurers in the market, defining selection criteria up front has become increasingly important.”
