Share
Royal London announces £28M BPA transaction with the Delcam Retirement Benefits Scheme
- Transaction secures the benefits of 171 members
- Engaged trustee board focused on member security
Royal London, the UK's largest customer-owned life, pensions and investment provider, has completed a £28 million bulk purchase annuity (BPA) transaction with the Trustees of the Delcam Retirement Benefits Scheme ("the Scheme").
The full scheme buy-in transaction secures the benefits of 171 members and provides increased certainty for members while supporting the Scheme's long-term objectives.
The Trustees collaborated closely with their advisers and Royal London to meet the Scheme’s de-risking objectives to secure this buy-in following a competitive auction process.
The Trustees were advised by Aon as risk transfer adviser and received legal advice from Squire Patton Boggs.
Victoria Smith, BPA Origination Manager at Royal London, said:
“Securing the right outcome for members was at the heart of this transaction. So it was a pleasure to work with the Trustees of the Delcam Retirement Benefits Scheme and Aon to deliver a solution that provides members with long-term security and meets the Scheme's wider objectives.
"This transaction is another great example of what can be achieved at any buy-in transaction size through close collaboration and a shared focus on delivering positive outcomes for Trustees and their members."
Elizabeth Kwong, Chair of the Trustees of the Delcam Retirement Benefits Scheme, commented:
“On behalf of the trustees, we are pleased to have completed this transaction with Royal London. This buy-in helps to provide certainty to our members about the security of their benefits and represents a pivotal moment in the Scheme’s de-risking journey.”
David Thompson, Associate Partner at Aon, added:
“Aon has advised the Scheme for many years, and it is extremely satisfying to have guided the Trustees through the preparation, broking and execution process to achieve a transaction that meets a wide range of objectives”
For further information please contact:
Patricia Corrigan, PR Manager
- Email: patricia.corrigan@royallondon.com
- Mobile: 0791 782 2874
About Royal London
Royal London is the UK’s largest customer owned life, pensions, and investment company, and one of the top 30 mutuals globally*. With over 160 years of heritage and no external shareholders, we’re able to take a long term view, focusing on supporting better outcomes for our customers.
Today, Royal London looks after the financial futures of more than 8.4 million customers, with £212 billion of assets under management and over 5,000 colleagues**. In 2026, we shared £199 million of our profits with approximately 2.4 million eligible customers.
We invest in partnerships that reflect our values, including being the only Founding Partner of the first British & Irish Lions Women’s Team, supporting women’s and girls’ rugby across grassroots and elite levels to help develop the next generation of players and coaches. All driven by our commitment to doing what’s right for our customers.
Royal London works for you.
Discover more at royallondon.com.
*Based on total 2024 premium income. International Cooperative and Mutual Insurance Federation Global data, 2026.
**Figures quoted are as at 30 June 2026.