LCP advises on Standard Life’s first full scheme buy-in with PerkinElmer

22 October 2021

LCP acted as lead adviser on a £130 million bulk purchase annuity transaction covering all 900 pensioner and deferred members of the PerkinElmer (UK) Pension Scheme (“the Scheme”).

This is the first transaction completed under the Group’s recently acquired Standard Life brand, which is well-established in the savings and retirement market.

Legal advice being provided by Baker McKenzie. DLA Piper advised Standard Life.

This transaction demonstrates Standard Life’s ambition in the BPA market and follows on from the £1bn buy-in with the Pearl Group, completed earlier this year. As well as providing full security for the Scheme’s defined benefit pensions, Standard Life has offered the Trustee an option to transfer the Defined Contribution funds to a Standard Life arrangement in due course, which will give members the option of keeping their pensions in one place.

Laura Davies, Partner at LCP, said: “We’re proud to have helped the Scheme to achieve this great outcome for its members, in Standard Life’s first full buy-in transaction. This is an example of LCP’s continued role in expanding the opportunities for our clients to purchase good value buy-ins and buy-outs from an increasing number of insurers. This follows LCP’s role in advising the M&S Pension Scheme in purchasing Phoenix Group’s first external £470m pensioner buy-in and their first longevity swap conversion for the LV= Employee Pension Scheme. ”

Jo Myerson, a Trustee Director at Ross Trustees and the Chair of the Trustee of the Scheme, said: “I’m delighted that the benefits of our scheme members are now fully insured with Standard Life. Thanks to the thorough preparation and collaborative working between the Ross Trustees team, the Scheme’s advisers, LCP and Baker McKenzie, and representatives from the Company, we were well placed to capture an attractive pricing opportunity in the market and execute a transaction efficiently. Since being appointed to lead the Trustee Board, Ross Trustees has placed great emphasis on clear governance and a robust process in order to select the right insurer for our members.”

Rhian Littlewood, Senior BPA Business Development Manager at Standard Life, said: “We are delighted to have been selected to partner with the Trustee and provide a secure home for the pension benefits of Scheme members.

“This transaction demonstrates our expertise and our commitment to the buy-in and buy-out market, and we are pleased to welcome the Scheme members to Standard Life, a brand with a rich heritage of providing long term savings and retirement solutions. The continued growth of our BPA business also allows us to invest further into UK infrastructure and socially responsible projects that provide good returns as well as being vital to post-pandemic growth.”

“Our agreement with the Trustees to also offer a home for members’ defined contribution funds in future gives optionality and flexibility for members to optimise their retirement outcomes.”

Source: LCP
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