LCP advises on c.£180 million buy-in between M&G and global engineering company Senior plc

M&G plc today announces a £180 million bulk purchase annuity (BPA) buy-in, securing pension benefits for over 3,000 members of the Senior plc Pension Plan.

The Plan Sponsor is Senior plc, an international manufacturer of high technology components and systems, specialist in Fluid Conveyance and Thermal Management, in the worldwide aerospace and defence, land vehicle and power and energy markets.

The transaction, by The Prudential Assurance Company Limited (PAC), M&G’s wholly-owned subsidiary providing life and pensions solutions, was completed in 2025. M&G delivered £1.5 billion in new business volumes in 2025 through the completion of 11 transactions.

This transaction demonstrated strong alignment between M&G, the Trustee and their advisers, enabling a smooth execution of the buy-in, in line with the Plan’s timescales. A key part of the Trustee’s decision-making process was focused on M&G’s ability to deliver excellent member experience and administration. M&G tailors solutions to the specific needs of clients by offering the option of residual risk cover, which formed a key part of this transaction.

M&G is a founding member of the BPA market and has a strong track record in pension risk transfer, backed by a robust balance sheet and commitment to customers. M&G continues to strengthen its position through product innovation, further differentiating its product suite, and supporting long-term growth in the BPA market.

LCP acted as lead transaction adviser for the Plan with Osborne Clark providing legal advice to the Trustee. CMS provided legal advice to M&G.

David Fink, Partner at LCP said: “It was a pleasure to support the Trustee on this significant transaction and achieve an excellent result for all stakeholders. The success of this transaction was driven by strong alignment between the Trustee and Senior plc, M&G and advisory teams and a shared focus on delivering certainty and a positive experience for members.”

Rosie Fantom, Head of Bulk Annuity Origination & Execution at M&G, said: “We are pleased to have partnered with the Trustee and worked with LCP to deliver a smooth and timely buy-in for the Plan. This transaction highlights our ability to work flexibly with clients and provide exceptional member experience, something that is becoming ever more important given the increased funding level of schemes.”

Sarah Leslie, Director at ndapt and the Plan’s newly appointed Chair of Trustee, said: “The Trustee and Senior plc worked diligently to complete this transaction with M&G, providing greater certainty for members. This was a key de-risking milestone for both the Plan and for Senior plc. The Trustee were impressed by M&G’s approach and confident they will provide strong support during this next phase of the Plan’s life and in continuing to serve the members. The process ran smoothly and the highly collaborative approach between M&G and the Plan’s advisers was instrumental to ensuring a successful transaction.”