Bulk annuities update: Buy-ins for Panasonic and Essentra schemes

The Panasonic UK Pension Plan completed a £140m buy-in late last year, M&G announced today, part of £1.5bn worth of bulk annuity deals the company completed during 2025.

It is the third buy-in the scheme has carried out, according to LCP’s Peter Rawson, who advised on the deal. The trustees used the consultancy’s “streamlined” bulk annuity service to complete the process using “pre-negotiated contracts with enhanced terms”.

Rosie Fantom, head of bulk annuity origination and execution at M&G, explained: “The transaction benefitted from having pre-agreed terms in place under LCP’s streamlined buy-in service, which allowed us to execute the transaction in just over three weeks after agreeing exclusivity.”

LCP’s Rawson added: “This transaction demonstrates that, when a scheme is well-prepared and there is strong collaboration with the sponsor, trustees can act quickly to take advantage of market opportunities.”

Alongside LCP acting as lead transaction adviser, Gowling WLG and Squire Patton Boggs provided legal advice to the trustees.

Lisa Mundy, professional trustee at BESTrustees and chair of the scheme’s board, said: “We are absolutely delighted to have completed this deal with M&G, where the trustee’s number one priority was to secure the long-term pension benefits of our members. With the strong support of Panasonic and the guidance of LCP we are pleased to say that we have achieved just that.”

M&G aims to write £3bn to £4bn of new bulk annuity business a year over the next few years.

Manufacturing company completes second buy-in with Aviva

Aviva has completed a £104m buy-in with the Essentra Pension Plan, sponsored by manufacturing company Essentra. The deal was completed in January and covers deferred and pensioner members.

The transaction follows a 2022 buy-in of the scheme’s Senior Staff section, also with Aviva.

John Fothergill, senior deal manager at Aviva, said: “Following a positive experience with Aviva on the plan’s Senior Section, it is particularly pleasing that we have now also been entrusted with delivering long-term security for the main plan. The trustees’ clear objectives, thorough preparation and collaborative approach helped ensure another smooth and efficient process.”

Liz Fallon, chair of the trustee board at the Essentra Pension Plan, added: “The early preparation work carried out across our advisory team allowed us to accelerate our original project timescales and we were able to transact quickly and confidently, running a very competitive bidding process, culminating in a transaction with Aviva.”

XPS Group was the lead adviser to the trustees, while Squire Patton Boggs provided legal advice.