Standard Life has secured benefits for 2,200 members by completing £250 million in bulk purchase annuity transactions for the Apollo Pension and Life Assurance Plan and the Halma Group Pension Plan.
The agreements were completed in September 2024 and sponsored by Halma plc and Apollo Fire Detectors Limited, a Halma subsidiary. Advisers, sponsors, and trustees worked together to ensure the plans’ de-risking objectives were fulfilled. LCP was the principal transaction adviser, while Mercer and Squires Patton Boggs provided investment and legal guidance, respectively.
Standard Life BPA transaction manager Joe Haswell says: “By collaborating closely with the Trustees, sponsors and their respective advisers, we are pleased to provide a secure home for the benefits for over 2,000 members. The plans came to market with clear objectives and well-prepared data and benefits, which laid the groundwork for an effective outcome. The BPA market continues to be busy, and as the end of the year fast approaches, solid preparation like this remains key to the efficient production of quotes in a competitive market.”
LCP partner David Fink says: “I am delighted to have helped the Trustees of the Plans take a significant step on their de-risking journeys by fully insuring the benefits in both Plans. By running the two buy-in processes together this helped the Trustees secure attractive pricing for both Plans quickly and efficiently in the busy market. The increased scale of the combined transaction also meant the Plans were able to optimise the secondary market sale for the Plans’ illiquid assets.”
