The Abbey Life Assurance Company Ltd Staff Pension Scheme has agreed a £200m buy-in for 1,584 members.   

The transaction with parent company Standard Life completed in April. It insures the benefits of about 600 deferred members and roughly 900 current pensioners and dependants.  

Abbey Life was bought by Standard Life in 2016, and. SL said as sponsor of the scheme, it had been working closely with the trustees and their advisers. 

“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,” said trustee chair Neil Tointon. 

“The trustee has greatly appreciated the support from the scheme’s sponsor in making this transaction possible, as well as the commitment and dedication of our advisers to achieve such a great outcome on behalf of our members,” Tointon added.  

Lauren Doherty, pensions risk transfer transaction manager at Standard Life, said 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”. 

Collaboration was key to this “complex” transaction, agreed Aon partner Michael Walker. 

Insurers taking on their own trust-based pension schemes is not new. In 2023, M&G conducted a £331m buy-in for the M&G Group Pension Scheme, using its subsidiary, the Prudential Assurance Company. In late 2023, Royal London transacted £250m full buy-in policy with the Royal Liver UK Pension Scheme, followed by a £350m buy-in of some members in the Royal London Group Pension Scheme in early 2024.