The London Stock Exchange (LSE) Group Pension Scheme has completed a £335m ($410m) bulk purchase annuity (BPA) deal with Standard Life, which covers the benefits of 1,740 scheme members.
The transaction with Standard Life, part of the Phoenix Group, covers both of the LSE’s pension schemes, one for the LSE itself and the second for its associated clearing operation, LCH, and was completed in May this year.
Aon acted as lead adviser on the deal while legal advice was given to the trustees by Eversheds Sutherland and investment advice by pensions consultancy Redington. Standard Life was advised by Herbert Smith Freehills and ITM.
This is the latest in a number of deals for Standard Life so far in 2023, having previously agreed a $1.5bn deal with the pension scheme of pub group Mitchells and Butler, as well as a $1.3bn BPA with fellow insurer Chubb UK.
Smaller deals continue to be struck in the UK pension risk transfer market: earlier this month the Andrew Sykes Group Pension Scheme (ASGPS) completed a $36m buy-in with Canada Life, which covered 440 pensioners and 160 deferred members.
Hymans Robertson was the lead transaction adviser, with legal advice provided to the ASGPS by Neon Legal.