Isio advises on £10m Royal London buy-in with HSBC Bank sponsored scheme

The Trustees of the Credit Commercial de France – London Branch Pension and Life Assurance Scheme (the “Scheme”) have completed a £10 million pension scheme buy-in transaction with Royal London, the UK’s largest mutual life, pensions and investment provider, securing members’ benefits and ensuring members’ benefits can be administered sustainably over the long-term.

The transaction was completed with the support of the Scheme’s sponsor, HSBC Bank PLC.

Isio acted as lead adviser and transaction manager, supporting the Trustees and sponsor throughout the process. In preparation for the transaction, Isio also led an extensive programme of data rectification work, helping to ensure the Scheme’s data was accurate, complete and insurer-ready ahead of approaching the market.

Trustee activity was headed by Entrust who coordinated adviser activity and ensured all stakeholders were fully briefed as the project progressed. By bringing knowledge and experience of these transactions they were able to keep the project focussed and deliver the transaction in an efficient and low-risk way.

Mercer acted as Scheme actuary and investment adviser, while Osborne Clarke provided legal advice to the Trustees and sponsor. The Trustees selected Royal London as insurer, recognising its financial strength, collaborative approach and strong focus on member outcomes and service quality.

Allan Marchant, Trustee representative, said: “This buy-in is an important step in securing the future sustainable payment of members’ benefits. The Trustees were particularly pleased with the collaborative and well-coordinated approach taken throughout the transaction, including the work undertaken to improve and prepare the Scheme’s data ahead of the insurer process. We would like to thank our advisers and Royal London for their support in delivering a successful outcome for members.”

Thomas Ridley, Senior Manager at Isio, said: “We are delighted to have supported the Trustees and sponsor in completing this transaction. A key feature of the process was Royal London’s ability to provide a competitive quotation efficiently through its Accelerator benefit and data template, enabling the Scheme to move quickly when market opportunities arose. Combined with the focused data preparation work, this helped deliver a smooth and well-controlled transaction for all parties.”

Tom Hill, BPA Origination Manager at Royal London, added: “Partnering closely with the Trustees, HSBC Bank PLC and their advisers Isio meant that we could deliver an accelerated process whilst still tailoring the transaction around the needs of the Trustee and sponsor.

“We take pride in bringing a flexible and client-led approach to all our trustee clients and this £10m transaction demonstrates that in action. We now look forward to continuing to showcase that to the Trustees in the post-transaction phase.”