The MGM Assurance Staff Pension Plan has completed an £80m bulk purchase annuity (BPA) deal with Standard Life, securing retirement benefits for around 700 members of the scheme.

XPS Pensions Group acted as the lead advisers to the trustee, while legal advice was provided by Hogan Lovells International LLP.

Commenting on the deal, trustee chair, Neil Walker, stated: “We were delighted to secure strong insurer engagement as a result of the preparatory work we undertook with our advisors.

“We are really pleased to have entered into a buy-in policy with Standard Life, who will provide the members of the plan with strong security in their retirement. XPS navigated us through the whole process brilliantly, and we are pleased with the deal they negotiated for the plan.”

Adding to this, Standard Life senior business development manager, Rhian Littlewood, emphasised the importance of proper preparation, revealing that the trustees came to the insurer with a "significant amount of preparation already complete".

"This made navigating the process of securing members’ benefits easier, faster, and more cost effective, and ensured we could secure the best outcome for the plan," Littlewood explained.

“While a number of schemes are enjoying improved funding levels when compared to last year, planning and thorough preparation is key in an increasingly busy marketplace. We encourage schemes to work closely with their advisers in preparation of approaching the market.”

XPS partner and lead broker, Ash Williams, echoed this, highlighting the deal as demonstration of the continued importance of preparing for a transaction properly.

"We are very pleased with the outcome of the buy-in project for both the trustees and the members of the plan," Williams continued.

"XPS are finding that schemes of all sizes can get excellent traction with the insurance market by being well prepared, flexible in their approach and pragmatic, focussing on the features of the deal that really matter to clients."

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