The MGM Assurance Staff Pension Plan has conducted an £80 million Bulk Purchase Annuity transaction with Standard Life, part of the UK’s largest long-term savings provider, Phoenix.
The deal was completed in early March and covers 700 members of the pension scheme for staff of the now defunct The Marine and General Mutual Life Assurance Society, which was dissolved in 2018 following the transfer of its business to Scottish Friendly in 2015.
The deal with MGM follows a strong year for Standard Life’s pension risk transfer business after it recorded £4.8bn of Bulk Purchase Annuity premiums in 2022.
XPS Pensions Group acted as the lead advisers to the trustees, while legal advice was provided by Hogan Lovells.
In a press release announcing the deal, Standard Life said that preparation by the trustees had been key to facilitating a cost effective transaction as providers are looking for ways to cope with an increasing demand from pension schemes as funding levels across the sector improve.