Phoenix’s Standard Life Concludes Vector Buy-In

Posted on 02/16/2024

Standard Life, which is part of Phoenix Group, has concluded a £114 million Bulk Purchase Annuity transaction covering roughly 1,800 members of the Vector Pension Scheme, which is sponsored by Vector Industries Limited. This is a full scheme bulk purchase annuity arrangement. The Trustee of the Scheme worked with Standard Life over an extended period to monitor transaction affordability, alongside managing the Scheme’s illiquid asset holdings. Standard Life, the Trustee, and their advisers completed significant preparation work such that once the Scheme’s assets were transaction-ready, the Trustee was able to move quickly to secure member benefits.

Rhian Littlewood, Senior Business Development Manager, Standard Life said it was: “Well positioned to move quickly on a transaction when the time was right. This collaborative approach ensured a smooth and efficient de-risking process for the Scheme, securing the liabilities for circa 1800 members.


XPS Pensions Group acted as the lead advisers to the Trustee for this transaction, while legal advice was provided by Osborne Clarke LLP.

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