The Rolls-Royce & Bentley Pension Fund has completed a £880m full scheme buy-in with Standard Life, securing the benefits of around 6,000 members.

The buy-in, which completed in June, replaced the scheme’s existing longevity swap with Standard Life, originally executed in 2013 with Abbey Life, now a part of Standard Life.

Isio was the lead transaction adviser to the trustee, Redington was the investment adviser and Sackers provided legal advice.

PwC and Travers Smith advised the sponsor, Bentley Motors Limited, while Eversheds Sutherland advised Standard Life.

Vidett trustee director and trustee of the scheme, Kate Leigh, highlighted the deal as a "significant step" in the scheme's ongoing de-risking strategy, ensuring long-term security for its members.

“Standard Life’s expertise was instrumental in navigating this stage of our journey and achieving our objectives. We look forward to continuing our work together to safeguard our members’ futures," she continued.

Standard Life director of defined benefit solutions, Kieran Mistry, also said that Standard Life is “delighted” to have collaborated with the trustees, Bentley Motors Limited and their respective advisers to develop and deliver a solution that meets the specific needs and objectives of the scheme.

“This transaction is another demonstration of our capabilities in novating longevity swaps, as well as our commitment to working with existing clients to support them in progressing their de-risking objective,” he added.

“The risk-transfer market remains busy and is showing no signs of slowing down following a record-breaking 2023, with 2024 volumes expected to exceed the £50bn mark.

“Insurance remains the primary de-risking solution for many trustees and sponsors, with preparation and early engagement vital to successfully navigating the busy market.”

Adding to this, Isio partner in insurance and risk settlement, Nick Johnson, said: “We’re proud to have delivered on this complex and innovative transaction to lock down significant risks for the Scheme, its members and the sponsor.

“We believe this buy-in meets both the present and future needs of all parties and is a very positive step for the scheme.

“We have worked together on the de-risking journey from planning to execution, plus a stakeholder communication exercise.

“We are grateful to Standard Life for their support in crafting a tailored de-risking solution and working closely with all parties to ensure a smooth execution."

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