Standard Life completes £200M pension buy-in with Abbey Life scheme

Standard Life completed a £200 million bulk purchase annuity transaction with the Abbey Life Assurance Company Limited Staff Pension Scheme, securing the pensions of more than 1,500 members.

The transaction, completed in April 2026, covers 1,584 members, including approximately 600 deferred members and around 900 pensioners and dependants.

Standard Life, which acquired Abbey Life in 2016, worked with the scheme’s trustee and advisers on the transaction. Aon advised the trustee, while Linklaters provided legal counsel.

“The buy in represents an important de risking milestone for the Scheme and our long standing relationship and clear alignment on the Scheme’s goals allowed all parties to work closely together, supporting an efficient transaction timetable and a smooth route to completion. This marks a positive step in securing members’ benefits for the long term.” – Lauren Doherty, Pensions Risk Transfer Transaction Manager at Standard Life.

“As the long-standing Scheme Actuary, Investment Adviser and Risk Settlement adviser, we are pleased to have been able to support the Trustee throughout this process, delivering a positive outcome for all stakeholders.” – Michael Walker, Partner at Aon.

“We are pleased to have reached this significant milestone for the Scheme and to achieve benefit security for our members through the buy-in.” – Neil Tointon, Chair of Trustees.