Law Debenture has supported a £100 million bulk purchase annuity transaction for the pension scheme of Miller Insurance Services LLP, adding another significant mandate to its pension trusteeship business. Daniel Barlow represented LawDeb Pension Trustees on the transaction, which secured the benefits of 550 pension scheme members.
The deal was completed with M&G through its BPA Plus proposition and executed by Prudential Assurance Company Limited, M&G’s wholly owned life and pensions subsidiary.
The structure combines a conventional bulk purchase annuity with access to M&G’s With-Profits Fund. This means members’ core pension benefits are secured while the scheme also retains the potential to receive discretionary bonus payments in future.
For Law Debenture, the transaction demonstrates the capabilities of its professional pension trusteeship operation in a complex risk transfer process. These transactions require trustees to assess pricing, insurer strength, execution risk, member outcomes and the route towards full buy-out.
The trustee selected M&G after considering several factors, including competitive pricing, the insurer’s commitment to moving the scheme towards buy-out and the potential for additional member benefits through discretionary bonuses.
The transaction also shows how pension schemes can use more tailored insurance structures rather than relying only on traditional bulk annuity arrangements. This creates a greater need for experienced trustees who can evaluate different structures and manage execution across advisers, insurers and sponsoring employers.
Law Debenture Corporation plc (LON:LWDB) provides a wider range of services including corporate and pension trusts, process agent services, treasury management, corporate services including for special purpose vehicles, structured finance administration and whistleblowing services.
