Standard Life completes £300 million full scheme buy-ins with the iPSL Section of the Unisys Payment Services Limited Pension Scheme and the Unisys Public Sector Pension Scheme

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• Bulk Purchase Annuity helps secure the benefits of 2,400 members

Standard Life, part of Phoenix Group, has concluded a £300 million Bulk Purchase Annuity (“BPA”) transaction with the iPSL Section of the Unisys Payment Services Limited Pension Scheme (“iPSL”) and the Unisys Public Sector Pension Scheme (“UPSPS”) (together the “Schemes”).

The transaction, which completed in November 2023, secures the benefits of 2,400 members of the Schemes.

Following an initial market broking exercise early in 2023, the Trustee of the Schemes chose to partner with Standard Life to monitor the Schemes’ positions over time. Affordability was reached in the second half of the year, with the Schemes moving quickly to execute the transactions and lock in the favourable positions in just three weeks.

Mercer was lead transaction adviser to the Trustee, with Gowling WLG providing legal advice.

Kieran Mistry, Senior Business Development Manager, at Standard Life, said: “It was a pleasure to work collaboratively with the Trustee and their advisers over recent months to achieve this fantastic outcome. The co-operation and engagement of all parties was exceptional, facilitating these buy-ins on accelerated timelines, and re-enforcing the importance of being adaptable and agile.

Kieran continued: “This transaction demonstrates the value of close partnerships between schemes and insurers, following the blueprint we have developed with a number of schemes over recent years. Processes like this benefit from focus, attention and preparation of all parties to identify and capture opportunities which would otherwise be missed in a conventional market broking process.”

Hetal Kotecha, Trustee Director at Independent Governance Group and Chair of Trustee for the Schemes, said “The Trustee are very pleased to have secured these buy-in policies, significantly reducing risk and maintaining the security of our members’ benefits. This milestone step is the culmination of a wider journey of de-risking for the Schemes with the support of the sponsoring employers. We are grateful to Standard Life and our advisers for their collaboration and energy in securing this opportunity, working effectively with the Trustee and sponsors to execute quickly.”

Ben Stone, Risk Transfer Partner at Mercer, said “This is a great outcome for the Schemes, ensuring member benefit security against the backdrop of a record year in the bulk annuity market. We were pleased to be able to leverage our excellent relationship with Standard Life to achieve the Trustee’s objectives, using our expertise and the groundwork developed over time to mobilise swiftly once the opportunity presented itself.”

ENDS

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About Standard Life

• Standard Life is a brand that has been trusted to look after peoples’ life savings for nearly 200 years.
• Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.
• Standard Life is part of Phoenix Group, the largest long-term savings and retirement business in the UK. We’re proud to be building on nearly 200 years of Standard Life heritage together.
• Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.
• We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about.
• Standard Life is the proud headline sponsor of Race for Life, Cancer Research UK’s flagship fundraising event series.