The trustees of RiverStone Management Pension and Life Assurance Plan, which is sponsored by Brit Insurance, have completed a £95m (S117M) full buy-in with Standard Life.
According to the press release announcing the deal, this is the second buy-in conducted by a pension scheme backed by Brit Insurance following a similar size deal with the Brit Group Services Limited Defined Benefits Pension Scheme in 2022.
The latest deal covers all benefits of the scheme’s 388 members.
According to the release, the trustees were able to negotiate an enhanced level of inflation protection for members as a result of the competitive nature of the selection process.
LCP was lead transaction adviser for the trustees, with Burges Salmon providing legal advice.
Earlier this year, Standard Life agreed a $143m buy-in deal with the Vector Pension Scheme while last year it provided a $1.5bn buy-in for the pension scheme of pub firm Mitchells & Butler.