Standard Life has completed a £200m bulk purchase annuity transaction with Abbey Life, securing the benefits of 1,584 members of its staff pension scheme.
The transaction, which completed in April 2026, and covers around 600 deferred members and 900 current pensioners and dependants.
Abbey Life was acquired by Standard Life (formerly Phoenix Group) in 2016, and as sponsor of the scheme, Standard Life have been working closely with the trustee team and their advisers to facilitate a good outcomes for members and the company.
Aon advised the trustee on the transaction, with legal advice provided by Linklaters.
Standard Life pensions risk transfer transaction manager Lauren Doherty says: “The buy‑in represents an important de‑risking milestone for the scheme. Our long‑standing relationship and clear alignment on the scheme’s goals allowed all parties to work closely together, supporting an efficient transaction timetable and a smooth route to completion.”
Neil Tointon, chair of trustees, says: “We are pleased to have reached this significant milestone for the scheme and to achieve benefit security for our members through the buy-in.
“This is the culmination of many years of preparation, supported by Aon and Linklaters, and the result of a long-established close relationship with Standard Life. “
Michael Walker, partner at Aon adds: “As the long-standing scheme actuary, investment adviser and risk settlement adviser, we are pleased to have been able to support the trustee throughout this process, delivering a positive outcome for all stakeholders. Collaboration was key to this complex transaction, and it has been a pleasure to work with the trustee, Standard Life and both parties’ advisers.”
