The ReAssure Staff Pension Scheme has secured a £260m buy-in with Standard Life, insuring the benefits of approximately 2,750 members.

The transaction, which was completed in June 2026, covered around 1,500 deferred members and approximately 1,250 pensioners and dependents.

Life and pensions consolidator ReAssure was acquired by Standard Life, then Phoenix Group, in 2020.

Standard Life said it worked with the trustee and its advisers in the period leading up to the transaction to support a ‘well-aligned’ outcome for the scheme and its members.

Mercer acted as risk transfer adviser to the trustee, while legal advice was provided by Gowling WLG.

“I’m delighted that we have successfully completed this buy-in, which insures the benefits of all our members,” said ReAssure Staff Pension Scheme chair of trustee, Chris Martin.

“This was a complex project and I am grateful for Standard Life’s support in achieving this outcome. I also want to thank the whole trustee board and our excellent advisers, Mercer, Gowling WLG, WTW and Gallagher for their role throughout the process in scoping and executing the transaction.

“Member experience has been at the forefront of our mind throughout this process and Standard Life have demonstrated their alignment and commitment in this respect.”

Standard Life PRT transaction manager, Emma Haylock, added: “Reaching this stage reflects the close collaboration between the trustee, sponsor and advisers over several months.

“By working together with a shared focus on achieving the right outcome, we’ve been able to support a transaction that strengthens long-term security for all members. This is a positive step forward for the scheme and its future.”

Mercer partner and head of risk transfer, Andrew Ward, said the scheme’s relationship with Standard Life made for a “particularly interesting process”.

“This required due diligence and strong governance from the trustee, resulting in an excellent outcome for members and helping to secure their benefits for the long term,” he continued.

“The strength of the collaboration between the trustee and Standard Life was central to achieving a strong package with residual risk cover. This acknowledged the individual scheme’s circumstances giving the trustee confidence in the outcome achieved.”

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