- The latest transaction is between Royal London and The College of Law Pension and Assurance Scheme
- Hymans Robertson and Linklaters advised the Trustees on the £85m buy-in
- It is the ninth buy-in secured by Royal London’s BPA business to date with three further pension schemes in exclusive contract negotiations
Royal London, the UK’s largest mutual life, pensions and investment provider, continues to grow its Bulk Purchase Annuity (BPA) business with a £85 million buy-in completed with The College of Law Pension and Assurance Scheme.
The transaction, finalised in March 2025, is the ninth buy-in for Royal London’s BPA business which has now reached the milestone of £1bn of liabilities insured. This is as a result of £600 million of premium across two transactions with its internal pension schemes in November 2023 and January 2024, and £400 million of premium from transactions with external pension schemes.
For this transaction, the Trustees were advised by Hymans Robertson and Linklaters, and Royal London were advised by Hogan Lovells.
Royal London worked closely with the pension scheme Trustees and their advisers to progress a BPA transaction whilst monitoring pricing to ensure the transaction aligned with Scheme affordability.
Royal London continues to deliver positive momentum since its formal BPA market entry in September 2024. Royal London is the only customer-owned mutual insurance company operating within the BPA market. The BPA team is working with three other pension schemes to conclude transactions and, in line with the wider market, is experiencing a buoyant pipeline of future opportunities.
Commenting on this latest transaction, Mark Sharkey at Royal London said:
“We’re thrilled to reach this important milestone as a business with The College of Law Pension and Assurance Scheme transaction. We’ve been in discussions with Tiziana and the wider Trustee Board since late last year. It was a real team effort with them and Hymans Robertson to ensure everything was ready for when the ‘affordability stars’ aligned.
“Our clearly differentiated proposition in the BPA market continues to really resonate with trustees. We’re excited to welcome this Trustee Board and their 500 members to the Royal London family and show them our mutual-led ambition in action.”
Commenting on the transaction, Claire O’Neill, Senior Risk Transfer Consultant at Hymans Robertson said:
“It has been a pleasure to work with the Trustees over many years on their de-risking journey. Diligent preparation has meant that the Trustees were well-placed to move quickly to capture the opportunity to insure members’ benefits at an accelerated pace. We look forward to continuing to support the Trustees in the important post-transaction work.”
Commenting on the transaction, Tiziana Perrella of Dalriada Trustees said:
“The Trustees worked closely with their advisers and Royal London, navigating a period of significant market volatility, and were delighted to complete a final buy-in with Royal London so that scheme liabilities are now fully covered by insurance contracts.
“The Trustees conducted an in-depth due diligence analysis of Royal London’s financial position and administration capabilities as part of their decision-making process and were satisfied that they were a robust and reliable counterparty for the transaction.”
Source