The UK subsidiary of US tech firm Unisys has signed a £300m ($380m) bulk purchase annuity (BPA) with Standard Life.
The transaction was signed in November and sees Standard Life take on the benefits of 2,400 scheme members from the iPSL Section of the Unisys Payment Services Limited Pension Scheme and the Unisys Public Sector Pension Scheme.
Mercer was lead transaction adviser to the pension schemes with Gowling WLG providing legal advice.
This is the latest de-risking move by the tech firm which in November offloaded $250m of US pension liabilities to F&G Annuities & Life.
Unisys has previously bought out part of its US pension liabilities as well as removing both its Dutch and Swiss pension funds from the company’s balance sheet.
Standard Life is part of the Phoenix Group and it struck a number of deals in the UK pension risk transfer market in 2023.
These included a $1.3bn BPA with Chubb UK and a $410m deal with the London Stock Exchange Group.