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Cardano advises on two pension buy-in deals

Cardano advises the Trustees of the TotalEnergies UK Pension Plan and Rolls-Royce & Bentley Pension Fund on buy-in deals

TotalEnergies UK Pension Plan

We are delighted to have supported the Trustees of the TotalEnergies UK Pension Plan on its £1.2bn buy-in with Pension Insurance Corporation PLC. This milestone for the Trustees now sees all of its members’ benefits secured through buy-in policies.

Our advice helped the Trustees to understand the key differences in financial strength and risk profiles of the shortlisted insurers. Ultimately helped the Plan to deliver a positive outcome for its members.

So far this year, we have advised on c£3.5bn of completed bulk purchase annuity transactions.

Rolls-Royce & Bentley Pension Fund

Cardano also worked on advising the trustees of the Rolls-Royce & Bentley Pension Fund which has announced a buy-in deal of £880m with Standard Life.

Having provided the Trustees of the Rolls-Royce & Bentley Pension Fund with employer covenant advice for a number of years, Cardano is pleased to have supported the Trustees on its £880m buy-in with Standard Life. A milestone transaction that secures the financial futures for the Fund’s c6,000 members.

During the buy-in transaction process, Cardano provided the Trustees with advice around evaluating the financial strength and counterparty risk associated with the selected insurer, as well as understanding the employer covenant implications of the buy-in.

In what has been a relatively quieter first half of the year in the BPA market, we are delighted to have advised on two of the more sizeable transactions that have completed this year.