The trustees of the Metallus UK Pension Scheme have agreed a £40m bulk purchase annuity (BPA) transaction with Royal London, securing the benefits of 493 members.

Royal London said the parties agreed an expected journey from buy-in to buyout during the exclusivity period.

During the process, Isio acted as risk transfer adviser and BESTrustees provided professional trustee services to the scheme.

Gowling WLG provided legal advice and Aon delivered administrative and actuarial support to the trustees.

Commenting on behalf of the scheme, BESTrustees professional trustee, Zahir Fazal, said: “This buy-in helps to provide certainty to our nearly 500 members about the security of their benefits and represents a pivotal moment in the scheme’s de-risking journey.”

Royal London BPA origination manager, Clodagh Howe, added that the transaction reflected their commitment to working with trustee boards to meet their objectives, regardless of scheme size.

“By working closely together, we were able to provide the trustees with a clear and pragmatic roadmap to buyout, providing greater certainty around the pension scheme's endgame,” she said.

In addition, Isio deal lead, Kenny Wilson, said the project was a “great example of what can be achieved through strong collaboration and careful preparation”.

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