Royal London announces BPA transaction with the Leeds Building Society Staff Pension Scheme

• This buy-in marks Royal London’s second BPA transaction with the pension scheme of a fellow mutual and the first with a building society
• Royal London has insured the benefits of over 22,000 pension scheme members across 26 buy-in transactions to date

Royal London, the UK's largest mutual life, pensions and investment provider¹, has secured a £66 million bulk purchase annuity (BPA) transaction with the Leeds Building Society Staff Pension Scheme.

This latest buy-in, which completed in March and covers 590 members, is the mutual’s second BPA transaction with the pension scheme of a fellow mutual and the first with a building society. Both businesses have existed for over 150 years with a shared focus on customers’ long-term interests and societal impact.

The Trustees were advised by Isio and Arc Pensions Law.

Royal London’s BPA team has now insured the benefits of over 22,000 pension scheme members across 26 buy-in transactions covering over £2.5 billion of premium.

Victoria Smith, BPA Origination Manager at Royal London said: 

“Our meeting and wider discussions with the Trustee Board quickly brought our natural alignment to life. As two organisations over 150 years old, built on long‑term thinking and mutual values, we share a commitment to doing the right thing for our customers for the very long-term.

“The buy‑in process was collaborative and efficient throughout, and we were pleased to partner once again with Isio to deliver a strong outcome for the Trustee and its members.”

Kellie Appleby, Principal Consultant at Isio added: 

“It has been a pleasure to lead this transaction, bringing Leeds Building Society, the Trustee and Royal London together. As mutual organisations, their shared values and commitment to customers create a strong foundation for a long-term partnership, making Royal London an excellent fit to support the Scheme and its members for the future.” 

Paul Riley, Chair of Trustees of the Leeds Building Society Staff Pension Scheme said: 

“We are delighted to have successfully completed this buy-in for the Leeds Building Society Staff Pension Scheme with Royal London, a fellow mutual whose values closely align with our own. This transaction represents an important milestone for the Scheme and its members. The process has been supported by a highly professional and collaborative team, and I would like to thank Isio and Arc Pensions Law, as well as Royal London, for their expertise, diligence and commitment in helping us deliver a strong outcome.”

Sources

^₁ Based on total 2022 premium income. ICMIF Global 500, 2024