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Royal London announces buy-in with the Metallus UK Pension Scheme
- Transaction secures the benefits of nearly 500 members
- Agreed buyout plan provides a clear pathway to the pension scheme's endgame
Royal London, the UK's largest customer-owned life, pensions and investment provider, has completed a £40 million bulk purchase annuity (BPA) transaction with the Trustees of the Metallus UK Pension Scheme.
This buy-in secures the benefits of 493 members with Isio acting as risk transfer adviser and BESTrustees providing professional trustee services to the Scheme. The Trustees received legal advice from Gowling WLG and administrative and actuarial support from Aon.
A key feature of the transaction was the collaborative approach taken during the exclusivity period, enabling the parties to agree the expected journey from buy-in to buyout to ensure the Trustees' objectives could be met.
Clodagh Howe, BPA Origination Manager at Royal London, said:
“This transaction reflects our commitment to delivering solutions that are tailored to each trustee board's objectives, regardless of pension scheme size. By working closely together, we were able to provide the trustees with a clear and pragmatic roadmap to buyout, providing greater certainty around the pension scheme's endgame.
"It was a pleasure to partner once again with the teams at BESTrustees and Isio. We're excited to now move forward with them at real pace and deliver against that buyout plan."
Kenny Wilson, Deal lead at Isio, commented:
“This project is a great example of what can be achieved through strong collaboration and careful preparation. We were delighted to work alongside BESTrustees, their advisers and Royal London to deliver a buy-in that met the Trustee’s and Sponsor’s objectives, providing certainty for members and stakeholders alike. We look forward to building on this success as we continue to support the Trustee and Sponsor on their journey”
Zahir Fazal, BESTrustees, added:
“We are pleased to have completed this transaction with Royal London. This buy-in helps to provide certainty to our nearly 500 members about the security of their benefits and represents a pivotal moment in the Scheme’s de-risking journey. My thanks to everyone involved for a great team effort in making this happen, it was a pleasure to work with them.”
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.