The Rockwool Limited Penson Scheme has completed a £53m full-scheme buy-in with Royal London.

The transaction was led by Isio, which worked alongside the scheme’s professional corporate sole trustee Independent Governance Group (IGG), legal adviser Eversheds Sutherland, and Royal London.

Isio provided brokering, actuarial, administration, and investment advice to bring the deal to completion.

Royal London is currently the only mutual offering in the defined benefit (DB) pension bulk purchase annuity market.

It entered the market in September 2024, with its tailored solution and collaborative efforts in this latest bulk annuity deal ensuring a “smooth process and positive outcome” for the scheme and its members.

Commenting on the completion of the buy-in, IGG professional trustee, Amanda Asante, said: “This transaction demonstrates what can be achieved through effective collaboration.

“It’s reassuring to see a secure outcome delivered for our members, thanks to the combined efforts of Isio, Rockwood Ltd, Royal London, and Eversheds.

“The dedication from all parties ensured a smooth and efficient outcome for the scheme.”

Royal London bulk purchase annuity origination lead, Beatrice Male, stated: “We’re delighted to be entrusted with taking excellent care of the trustee’s members for many years into the future.

“The expertise from Isio and the close collaboration from all parties involved ensured a seamless process.

“This buy-in demonstrates the power of partnering with a mutual brand with a long-term focus, the outcome being a smooth execution and member-focused results.”

Isio senior manager, Laura Parker, added: “We are proud to have supported the trustee with this transaction. This buy-in reflects the power of teamwork and expertise.

“Securing the best possible outcome for members is always our primary goal. Working closely with Royal London and Eversheds enabled us to deliver exactly that.”

---