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Press release
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 derisking 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.
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.
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.
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.
