Royal London has insured the Harwich Haven Authority Pension Fund through a £45m full scheme buy-in covering all 170 members.
The pension scheme is sponsored by Harwich Haven Authority, which runs the port at Harwich in Essex. The buy-in secures the benefits of 125 pensioners and dependants, as well as around 45 deferred members, according to a press release from LCP.
LCP advised on the transaction using a streamlined process targeted at smaller pension schemes, an increasingly common approach used by consultants and insurers. Tim Gilbert, partner at the consultancy group, said this method helped the scheme access contractual terms “usually reserved for larger schemes”.
Gowling WLG and CMS provided legal advice to the trustee board.
LCP’s Gilbert said there was strong competition among insurers for small schemes. “We continue to see competitive processes and attractive pricing for well-prepared schemes following robust processes through our streamlined buy-in service.”
Vic Smith, bulk annuity origination manager at Royal London, said the streamlined process, which involved “pre-negotiated terms” that allowed the scheme and the insurer to focus on providing “a smooth and personal experience”.
A number of sub-£50m buy-ins have been announced since the start of 2026, reflecting the trend towards smaller transactions.
At the start of this week, it was announced that the British Board of Agrément has insured its defined benefit pension scheme through a £20m buy-in with Aviva. Aviva also backed a £4m buyout with airline Finnair, announced last month.
Also announced last month, military veterans’ charity Royal Star & Garter insured its scheme through a £16m buy-in with Just Group, while cheesemaker Primula secured a £6.6m buy-in with Pension Insurance Corporation.
