Standard Life completes £250m buy-in with the Finning Pension Scheme

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• Bulk Purchase Annuity insures the benefits of c. 2,170 members

Standard Life, part of Phoenix Group, has successfully concluded a £250m Bulk Purchase Annuity transaction with the Finning Pension Scheme, which is sponsored by Finning (UK) Ltd., a Caterpillar machinery dealership. This full scheme buy-in transaction, which completed in December 2024, covers all c. 2,170 members of the Scheme.

The Trustee and sponsor collaborated closely with Standard Life to meet the Scheme’s de risking objectives to secure this buy-in following a competitive auction process.

Aon acted as the lead transaction adviser to the Trustee, with investment advice from Hymans Robertson and legal advice from Gowling WLG.

Alex Oakley, BPA Transaction Manager at Standard Life, commented: “We pride ourselves on being able to provide the very best solutions to support schemes and their trustees in meeting their de-risking objectives. In this case, our ability to meet the specific needs of the Scheme and work with their existing processes ensured a smooth and efficient de-risking journey and a successful outcome for all involved. Insurers continue to play a crucial role in this highly active DB de-risking market, and we remain focused on collaborating closely with schemes and trustees to deliver tailored solutions that align with their long-term objectives.”

Ciaran McMenamin, Chair of Trustee of the Finning Pension Scheme, commented: “We are pleased to have completed this transaction, which is a great outcome for our members. Standard Life was selected following a highly competitive process involving seven insurers. The process was expertly led and managed by Aon. We chose Standard Life taking into account a broad range of factors, including Standard Life’s willingness and ability to work closely with the Scheme’s administration team and minimise impacts on member service and experience.”

James Staveley-Wadham, Principal Risk Settlement Consultant at Aon, commented: “Aon has advised the Scheme for many years, and it is extremely satisfying to have guided the Trustees through the preparation, broking and execution process to achieve a transaction that meets a wide range of objectives. A key outcome for the Trustee was ensuring that a strong member experience remained post buy-in. This is an area in which we are seeing ever-growing demand from schemes when considering insurance.”

Ends

Media enquiries

For further information, photos, video content or interviews, contact:

Jennifer Smallwood/Samantha Griffith
Senior PR Manager/PR Manager 
Standard Life, part of Phoenix Group
07858 367818 / 07752 465345
Jennifer_Smallwood@standardlife.com / samantha_griffith@standardlife.com

 
Notes to Editors

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 the 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.