LCP advises on £42 million buy in between Royal London and F.Hinds Pension Fund Trustees

Royal London, the UK's largest mutual life, pensions and investment provider, has secured a £42 million bulk purchase annuity (BPA) transaction with the Trustees of the F.Hinds Pension Fund.

• F.Hinds is a family-owned jewellers with a heritage dating back to 1856
• This is the second transaction that Royal London has completed via LCP’s streamlined service in the past six months.

The bulk annuity secures the pensions of 485 members, with LCP acting as the risk transfer adviser to the Trustees and Addleshaw Goddard providing legal advice on the transaction. Isio acted as scheme actuary and investment adviser to the Trustees. This is the second transaction Royal London has completed through the LCP streamlined service for smaller pension schemes in the past six months.

Royal London was advised by Mayer Brown.

This transaction involved close collaboration between Royal London, the Trustees and their advisers to shape a solution to provide flexibility for the distribution of any future surplus.

Mark Sharkey, BPA Origination Manager at Royal London said:  "F.Hinds' heritage, long standing commitment to responsible stewardship, and family ownership closely aligns with Royal London’s own values as a customer owned business. This was brought to life when we met the Trustees at the F.Hinds office in Uxbridge, surrounded by powerful reminders of the business' enduring focus on their customers and staff for the past 170 years.

"This transaction further strengthens our growing track record of partnering with trustees and advisers to deliver tailored solutions regardless of pension scheme size."

David Hinds, Chair of Trustees added:  "We are delighted to have completed a full buy-in of the Fund, securing all members' benefits for the future. The Trustees selected Royal London based on the strength of their proposal and the alignment of their values with F.Hinds. We are grateful to LCP and Addleshaw Goddard, working with our advisers ISIO and Burges Salmon, for their support in achieving this outcome."

Rachel Hirst, Partner at LCP said:  "I am proud to have led this transaction, helping the Trustees to achieve an important milestone for the Fund. This is our second transaction with Royal London through LCP's streamlined service and is another great example of the attractive pricing and terms that can be secured for schemes of this size through the right process."