Consumer electronics manufacturer Panasonic has secured the benefits of around 650 members of its defined benefit pension scheme through a bulk annuity deal with M&G.
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.
Catch up with the latest bulk annuities news
As competition in the bulk annuity market intensifies and the options open to trustees expand, Pensions Expert brings you the latest deals and data to keep you ahead of developments in pension insurance.
Visit our dedicated bulk annuities page for more.
In association with Canada Life
