LCP advises Trustees of Harwich Haven Authority Pension Fund on full buy-in with Royal London
Pensions & benefits Pension risk transfer Risk
LCP has advised on the £45m full scheme buy-in between Royal London and the Harwich Haven Authority Pension Fund (the “Fund”).
The buy-in, which was completed in November 2025 following a competitive quotation process, was executed with Royal London through LCP’s market-leading streamlined buy-in service. This service simplifies the buy-in process for smaller schemes, making it faster and more cost-effective through pre-agreed contracts with enhanced terms and facilitating more insurers to participate.
This transaction secures the benefits of 125 pensioners and dependants, as well as around 45 deferred members. The Trustees worked closely with Royal London and Harwich Haven Authority (the “Authority”) to secure the buy-in, significantly reducing risk exposure for the Fund and thereby increasing the security of members’ benefits.
LCP acted as the risk transfer adviser for the Fund, with Gowling and CMS providing legal advice to the Trustees. LCP also provided financial strength and insurer administration due diligence.
Tim Gilbert, Partner at LCP, said: “I am proud to have led this transaction and helped the Trustees secure an excellent transaction. Our streamlined buy-in process allowed the Trustees to take advantage of attractive pricing with certainty of contractual terms usually reserved for larger schemes. This was key to an efficient execution process.
“This transaction with Royal London demonstrates the competition in the market for smaller schemes that approach the market in the right way. We continue to see competitive processes and attractive pricing for well-prepared schemes following robust processes through our streamlined buy-in service.”
Dr Karen Purnell, Chair of the Fund’s Trustee Board, said: “We are delighted to have secured this milestone in the Fund’s journey, working collaboratively with the Authority. Royal London was selected following an extensive due diligence process and receipt of advice from LCP and our professional advisers, and the strength of their overall proposal. The Trustees are grateful to LCP and all of our advisers for their support in navigating a complex process so efficiently.”
Vic Smith, BPA Origination Manager at Royal London, said: “Working with LCP through their streamlined buy‑in service made for a highly efficient and enjoyable process.
“Meeting with the Trustees, Authority and their advisers helped to bring our mutual-led proposition to life. Our pre‑negotiated contractual terms enabled us to focus our efforts on providing the Trustees and the Authority – an existing wider Royal London client – with a smooth and personal experience.”
