BW advised Chubb Trustees to insure £1bn of liabilities with Standard Life

The buy-ins were agreed with Standard Life (part of Phoenix Group) in June 2023, with benefits being insured for around 14,000 members across two schemes - the Chubb Pension Plan and the Chubb Security Pension Fund.

Our risk transfer team played a key role in these complex transactions, working with BW’s existing long-standing actuarial, investment and PEMS teams, completing the funding journey they had in place with the Trustees.

Our teams have worked closely with the Trustees on both boards to navigate and complete this significant transaction for the benefit of the members.

Paul Houghton, Partner at Barnett Waddingham, said: “As Scheme Actuary to the two Chubb Pension Schemes, it is a proud moment to see the culmination of many years’ carefully crafted funding and investment strategy with the Trustees, with the two buy-ins securing members’ benefits. 

It’s been a joy to work with such talented colleagues across our actuarial, investment and pension management teams, and with dedicated Trustees who always had a clear vision of their strategy to meet the fiduciary role to their members in changing landscapes.” 

Matt Richards, Senior Business Development Manager at Standard Life, said: “This deal marks a smooth and efficient transaction that has insured the liabilities for almost 14,000 members and enabled the schemes to successfully de-risk in an uncertain economic environment. Throughout the transaction process there has been an open and collaborative approach between all parties, which has been key to the success of this transaction which we are delighted to have completed with the Trustees. Having prepared well, and being willing to move quickly, the Trustees were able to ensure a favourable outcome for their members.”  

Brian McGowan, Chairman of both Trustee Boards, said: “We are delighted to have partnered with Standard Life to provide long-term security and financial certainty for all members. On behalf of the Trustees, I would like to thank our advisors Barnett Waddingham and CMS for their advice and to thank the sponsoring employer for their support. The various teams worked together extremely well to secure this complicated deal.” 

CMS worked alongside us to provide legal advice to both sets of Trustees.  

Amanda Chamming’s, Partner at CMS, said: “We are delighted to have advised the Trustees on this transaction with Standard Life. Collaboration with Barnett Waddingham, Standard Life and all other parties involved was a key element to delivering the buy-ins on time in such a busy market. It’s really pleasing to secure such a positive outcome for members of the schemes.”