£800 million buy-in with the Honda Group UK Pension Scheme
We’re pleased to announce the completion of a c.£800 million buy-in with the Honda Group UK Pension Scheme, securing the benefits of over 4,700 members, including more than 1,700 retirees and over 3,000 deferred members.
This transaction is a great example of how we combine our investment and insurance expertise to deliver tailored solutions. The Scheme has been a long-standing client of our Asset Management business, and we were able to build on that relationship to create a bespoke solution that met their specific needs.
A key feature of the deal was the price lock we provided directly to the Scheme’s assets, offering the trustees price certainty while the terms were finalised. The premium was settled through a mix of in-specie asset transfer and cash, and we also offered a flexible deferred premium structure to support the run-off of the Scheme’s illiquid assets, an increasingly important feature in today’s market.
The Scheme placed a strong emphasis on member experience, and our in-house administration and customer care teams played a central role. We supported the Scheme’s online benefit modeller by providing member option factors during the buy-in period, ensuring a smooth and informed experience for members.
Read full press release.