DLA Piper advises Standard Life on GBP1.7bn full scheme buy-in

DLA Piper's Pensions De-risking team has advised Standard life on a GBP1.7 billion full scheme buy-in for 7,600 scheme members.

Part of Phoenix Group, Standard Life has concluded the GBP1.7 billion 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.

2021 was a record year for Standard Life in terms of BPA activity, with this transaction demonstrating the continued expansion of the its BPA proposition and following on from the GBP1.8 billion buy-in announced last week.

DLA Piper’s Pensions De-risking team was established in September 2019 by partner and Head of Pensions De-Risking Amrit Mclean, supported by legal director Robert Smith and associate Oritsema Ejuoneatse. The team has had an exceptional year in 2021, working on multiple transactions totalling c.GBP10 billion.

Amrit Mclean commented: "We are proud to have supported Standard Life on such an important transaction. Standard Life continues to go from strength to strength and it is great to be a part of their growth journey. We can't wait to see what 2022 will bring. A huge thank you to our Pensions De-Risking team for all of their hard work and dedication.