The Panasonic UK Pension Plan has completed a £140m bulk purchase annuity (BPA) deal with M&G.

The buy-in secures the pension benefits of around 650 members of the Panasonic UK Pension Plan for Panasonic Europe, which produces and supplies electronics for both consumers and businesses.

The deal was finalised by Prudential Assurance Company Limited, a wholly‑owned subsidiary of M&G plc that provides life and pensions solutions.

LCP was the lead transaction adviser, scheme actuary, and investment adviser for the Panasonic UK Pension Plan.

Gowling WLG provided legal advice to the trustees on the contractual terms, and Squire Patton Boggs gave legal advice on the benefits insured.

Commenting on the deal, BESTrustees professional trustee for the scheme, Lisa Mundy, said: “We are absolutely delighted to have completed this deal with M&G, where the trustee's number one priority was to secure the long-term pension benefits of our members.

"With the strong support of Panasonic and the guidance of LCP we are pleased to say that we have achieved just that.”

This transaction forms part of £1.5bn of BPA deals completed by M&G during 2025. The firm has stated its ambition is to achieve £3bn-£4bn per year in BPA transactions by 2027.

The deal was also M&G’s first to be conducted using LCP’s streamlined buy-in service, which simplifies the buy-in process for smaller schemes.

M&G, head of bulk annuity origination and execution, Rosie Fantom, explained: “The transaction benefitted from having pre-agreed terms in place under LCP’s streamlined buy-in service which allowed us to execute the transaction in just over three weeks after agreeing exclusivity.

"Our ability to execute transactions quickly and effectively reflects M&G’s strength and expertise in the market and we will continue building on this to support trustees in managing pension risk and deliver certainty for members.”

LCP, partner, Peter Rawson, added: “This transaction demonstrates that, when a scheme is well-prepared and there is strong collaboration with the sponsor, trustees can act quickly to take advantage of market opportunities.

"Through the LCP streamlined buy-in service, the trustees were able to run an expedited process securing strong terms, whilst still undertaking a thorough selection and due diligence process.”

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