Law Debenture p l c : Standard Life completes £1.7bn full scheme buy-in with Gallaher Pensions

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Standard Life, part of Phoenix Group, has concluded a £1.7bn bulk purchase annuity transaction covering all members of the Gallaher Pension Scheme ("the Scheme").

The transaction, which was agreed in December, secures the benefits of 7,600 members of the Scheme. As part of the transaction, members have been granted the right to additional pension increases in the event of high inflation, further enhancing their long term financial security.

2021 was a record year for Standard Life in terms of BPA activity, with this transaction demonstrating the continued expansion of its BPA proposition, and follows on from the £1.8bn buy-in announced last week. The assets underlying the contract will be used to continue Standard Life's investment into UK infrastructure and socially responsible projects that are vital to the UK's post-pandemic recovery.

The transaction represents the first bulk annuity contract secured by the Trustees, who were advised by Aon and Hogan Lovells. DLA Piper advised Standard Life.

Justin Grainger, Managing Director of Defined Benefit Solutions at Standard Life, part of Phoenix Group, said: "We are delighted to have been selected to partner with the Trustee to secure the retirement incomes of their 7,600 members.

"This transaction demonstrates the ongoing commitment of Standard Life to the BPA market, and our ability to provide varied and flexible solutions to all sizes and types of schemes. We are pleased to welcome the Schemes' members to Standard Life."

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The Law Debenture Corporation plc published this content on 20 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2022 09:25:10 UTC.