Universal Office Supplies scheme agrees £47mn buy-in

The buy-in is worth about £47mn and covers the benefits of more than 175 deferred members and 85 retirees.

The transaction was carried out in two tranches, which helped to accommodate a timeline that enabled the divestment of illiquid assets as well as liquid assets. A £42mn transaction was completed in October 2021, while the remaining £5mn buy-in took place in January 2022. 

The pension scheme’s sponsor is Staples UK, part of the wider Staples group, which is in the process of selling its European business. The scheme’s trustee will now work with L&G towards its target of reaching buyout.

“We are delighted to have secured members’ benefits in full as part of a transaction where speed of execution was an important priority,” said Nadeem Ladha, trustee director at 20-20 Trustees.

Together with L&G and our advisers, we worked closely with the company to provide the scheme with a bespoke solution to manage the illiquid assets as part of a process that moved at significant pace.”

This article originally appeared on MandateWire.com