M&G completes £150m Miller Retirement Benefits BPA Plus
By IAN Editorial Desk – M&G completed a £150m bulk purchase annuity for the Miller Retirement Benefits Scheme, securing the pension benefits of nearly 1,200...
M&G completed a £150m bulk purchase annuity for the Miller Retirement Benefits Scheme, securing the pension benefits of nearly 1,200 members. The deal was structured as BPA Plus, which gives members core benefit security while preserving the possibility of discretionary bonuses linked to future investment performance. Insurance Edge first reported the transaction at an earlier stage in July, and M&G has now completed it through Prudential Assurance Company Limited, its subsidiary.
The trustee chose M&G after a competitive process that focused on financial strength, experience and the ability to provide a solution suited to the scheme’s needs. WTW acted as lead transaction adviser and scheme actuary, with Clyde & Co providing legal advice and Mercer acting as investment adviser.
M&G said the BPA Plus structure was made possible by the scale of its £132bn With-Profits Fund. Its with-profits arrangements are designed so that smoothing, guarantees and differences between charges and expenses are allocated within the fund, with regular bonus rates able to change without prior notice while remaining guaranteed once added at death or the selected retirement date.
Sources: news.google.com · mandg.com
