ReAssure scheme completes £260m buy‑in
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The trustees of the ReAssure Staff Pension Scheme have signed a £260m full buy-in with residual risk cover, insuring the benefits of around 1,500 deferred members and 1,250 pensioners and dependants.
The transaction with Standard Life completed in June. Life and pensions consolidator ReAssure was bought by Standard Life in 2020. Mercer was the risk transfer adviser to the trustee, while Gowling WLG gave legal advice.
“This was a complex project and I am grateful for Standard Life’s support in achieving this outcome," said trustee chair Chris Martin, from Independent Governance Group. "Member experience has been at the forefront of our mind throughout this process and Standard Life have demonstrated their alignment and commitment in this respect.”
Emma Haylock, PRT transaction manager at Standard Life, said: “Reaching this stage reflects the close collaboration between the trustee, sponsor and advisers over several months.”
Andrew Ward, Partner and Head of Risk Transfer at Mercer, said the scheme’s relationship with Standard Life "made for a particularly interesting process" that required due diligence and strong governance from the trustee.
"The strength of the collaboration between the trustee and Standard Life was central to achieving a strong package with residual risk cover. This acknowledged the individual scheme’s circumstances giving the trustee confidence in the outcome achieved,” said Ward.
