Standard Life has completed a £52 million Bulk Purchase Annuity (BPA) transaction with The Amtico Company Pension Scheme, securing the benefits of 425 members.
The sponsoring employer, Amtico, is a provider of luxury vinyl tile flooring solutions.
The deal means members of The Amtico Company Pension Scheme who have both defined benefit and defined contribution pensions will keep the link between their two benefits.
Barnett Waddingham was the lead transaction adviser to the Trustee, while Pinsent Masons provided legal support.
According to Standard Life, the transaction continues its long-standing relationship with Amtico, which began in 2015 with a trust-based pension that later moved into the Standard Life Master Trust.
Standard Life BPA transaction manager Alex Oakley says: “Standard Life has worked closely with the Scheme for several years. Our established relationship and deep understanding of the Scheme’s objectives enabled us to work in partnership to deliver a smooth and timely buy-in. It’s a strong example of how continuity and collaboration can drive successful outcomes for pension schemes. In this case, it’s rewarding to support the needs of employers with both DB and DC schemes, and in doing so, ensure members have a more integrated and streamlined retirement planning experience.”
Barnett Waddingham scheme actuary Mark Tinsley says: “We are proud to have supported The Amtico Company Pension Scheme since its inception, providing a full range of services throughout its journey. Our longstanding partnership with the trustees has been built on a shared commitment to delivering the best outcomes for members. We are therefore delighted to have completed this buy-in, securing members’ benefits for the long term.”
Barnett Waddingham head of bulk annuities Nikhil Patel says: “A feature of this project has been the strong collaboration between the Trustee, Amtico and all the advisers to clearly define the important features of the transaction, whilst always considering the resulting member outcomes. This allowed us to ultimately work with Standard Life to secure a positive outcome for all parties. It has been a pleasure supporting the Scheme reach this key milestone.”
Pinsent Masons partner Katie Ivens says: “We are delighted to have worked alongside the other advisers to successfully deliver the buy-in with Standard Life for The Amtico Company Pension Scheme. This marks a significant milestone in securing long-term benefits for members, and it’s been a pleasure to collaborate with the wider advisory team, the Trustee, Amtico and Standard Life to achieve this outcome.”
Amtico HR director Jason Shelley says: “Following an exhaustive selection process to identify Amtico’s legacy DB Pension Scheme’s preferred partner, Standard Life were selected, and it’s been a pleasure to work with them during this transaction. Since 2015, Standard Life has provided our DC members with high levels of customer service and continues to develop its member experience and engagement solutions, particularly online. This transaction means that all our DB, DC Master Trust, and hybrid members now have the comfort of having their funds secured with, and managed and administered by, a long standing, trusted partner. Amtico would like to thank the Scheme’s Trustee Board for its efforts over many years to protect members’ best interests and secure this buy-in, and Barnett Waddingham and Pinsent Masons for their advice and guidance during this project.”
Chairman of the Trustees Bill Newman says: “Amtico and Standard Life have developed an effective mutual relationship which has improved pension outcomes for members of our DC Scheme in the Standard Life Master Trust. Now, the recent buy-in transaction will secure the DB scheme and ensure that members’ pensions are administered by a trusted partner going forward.”