British Heart Foundation Secures £37m Pension Buy-In with Royal London
Deal News | Aug 07, 2025 | Osborne Clarke
Osborne Clarke has successfully guided the British Heart Foundation (BHF) Staff Pension Scheme through a significant financial maneuver—a £37 million buy-in with Royal London. The transaction, accomplished in just 14 business days after Royal London secured exclusivity, fully secures the benefits of over 200 scheme members. Osborne Clarke's pensions team, led by Jonathan Hazlett, collaborated with key advisers including Broadstone and Isio, to ensure a rapid and cost-effective transition. The mutual status of Royal London aligns closely with BHF's core values, marking a key step forward in securing member benefits. The deal underscores Osborne Clarke's reputation in pensions risk transfer, extending their track record of handling similar high-profile transactions.
Sectors
- Pension Fund Management
- Legal Advisory
- Insurance
Geography
- United Kingdom – The deal involves UK-based entities: the British Heart Foundation, Osborne Clarke, and Royal London, highlighting its relevance to the UK financial and legal sectors.
Industry
- Pension Fund Management – The article discusses a significant pension scheme buy-in aimed at securing benefits for scheme members, involving pension scheme management processes.
- Legal Advisory – Osborne Clarke, a legal advisory firm, guided the British Heart Foundation Pension Scheme trustees in this transaction, showing the essential role of legal counsel in complex financial transactions.
- Insurance – Royal London, an insurance company, was involved as the annuity provider, reflecting the insurance industry's role in pension risk transfer deals.
Financials
- £37 million – The total value of the pension scheme buy-in transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| British Heart Foundation | Pension Scheme | Charity | The organization whose pension scheme is securing benefits through the buy-in. |
| Osborne Clarke | Legal Advisor | Company | Provided legal advice to the Scheme trustees in facilitating the buy-in. |
| Royal London | Annuity Provider | Company | The insurance company providing the annuity product for the buy-in. |
| Broadstone | Consultant | Company | Advised the Scheme trustees on risk transfer, actuarial, and investment support. |
| Isio | Consultant | Company | Provided consulting services to the British Heart Foundation. |
| Roshan Teeluck | Chair of Scheme Trustees | Person | Commented on the importance and success of the transaction. |
| Jonathan Hazlett | Head of Pensions at Osborne Clarke | Person | Led the legal team advising the Scheme trustees. |
| Bob Jenkinson | Senior Consultant at Broadstone | Person | Provided leadership on the deal from Broadstone's side. |