Technology companies IBM and Sopra Steria have insured defined benefit liabilities through buy-ins announced today, as the flurry of bulk annuity announcements continues.
Standard Life has completed a £700m buy-in with the trustee of the IBM IT Solutions Pension Scheme, sponsored by US tech giant IBM.
The bulk annuity transaction covers pensioners and deferred members and secures the benefits of over 3,600 members. The deal also removes funding and investment risk for the scheme, known as the I Plan.
According to details of the agreement released today (Wednesday), these members will continue to receive or be entitled to their benefits under the I Plan.
Trustee board chair Robert Tickell said: “We are delighted to have achieved this significant milestone in the I Plan’s de-risking journey. Standard Life’s strong brand and member-focused proposition played a key role in our decision.”
The transaction was completed in November 2025, and WTW acted as lead transaction adviser, as well as providing actuarial and investment advice, while Sackers provided legal advice to the trustees.
Standard Life already provides IBM’s UK arm with defined contribution pension coverage as it runs the IBM UK Personal Pension Plan. Jack Hill, director of DB solutions at Standard Life, said the existing relationship played a role in the buy-in decision.
He said: “During the competitive selection, the trustees prioritised an insurer that could provide clarity, confidence, and excellent member experience. Building on an established relationship with IBM, Standard Life is delighted to have the opportunity to reinforce our shared commitment to supporting members now and in the future.”
PIC covers Sopra Steria scheme in £113m deal
Separately, Pension Insurance Corporation has announced the conclusion of a £113m buy-in with the Steria Management Plan Section of the Sopra Steria Retirement Benefits Scheme.
This transaction covers the benefits of all 355 members of the section. The pension scheme is sponsored by Sopra Steria, a leading European technology provider.
Mercer was the lead adviser on the transaction, while CMS advised PIC, and Gowling WLG advised the trustees.
