Royal London Secures £280m Buy-In with Grant Thornton Pensions Fund
Deal News | Jun 11, 2025 | Osborne Clarke
Royal London, the UK's largest mutual life, pensions, and investment provider, has completed its largest Bulk Purchase Annuity (BPA) transaction with a £280 million buy-in with the Grant Thornton Pensions Fund. The transaction implicated over 2,200 members and resulted in Royal London becoming a direct policyholder. International law firm Osborne Clarke advised the trustee of the Grant Thornton Pensions Fund on the buy-in, partnering closely with other advisers such as Aon and DLA Piper. The strategy aims for a full buy-out of the fund, showcasing a thriving industry. Royal London, a dominant mutual in the BPA market, has now secured £560 million in premiums since 2025. The transaction was efficiently executed due to excellent collaboration between involved parties.
Sectors
- Pensions and Annuities
- Legal Services
- Insurance
Geography
- United Kingdom – The article is heavily focused on UK-based entities, with Royal London being a UK mutual insurance company and Osborne Clarke having notable UK legal operations.
Industry
- Pensions and Annuities – The article revolves around pensions transactions, specifically a bulk purchase annuity buy-in, involving Grant Thornton Pensions Fund and Royal London.
- Legal Services – Osborne Clarke provided legal advice and oversight for the transaction, demonstrating the critical role of legal expertise in large financial deals.
- Insurance – Royal London operates within the insurance sector, being a mutual insurer facilitating annuity transactions.
Financials
- £280 million – The value of the buy-in transaction completed with Royal London.
- 560 million in premiums – The total premiums secured by Royal London across seven buy-ins since the start of 2025.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Royal London | Insurance provider | Company | The UK's largest mutual life, pensions, and investment provider, Royal London, conducted the £280m buy-in. |
| Grant Thornton Pensions Fund | Target company | Company | The pension fund involved in this transaction, with over 2,200 members impacted. |
| Osborne Clarke | Legal advisor | Company | Provided legal advice to the Grant Thornton Pension Fund Trustee. |
| Aon | Advisory | Company | Advised the Trustee and Grant Thornton Fund. |
| DLA Piper | Legal advisor | Company | Advised Royal London on the transaction. |
| Barnett Waddingham | Actuarial advisor | Company | Provided actuarial advice to the Trustee. |
| Cardano | Investment advisor | Company | Provided investment advice to the Trustee. |
| Jonathan Hazlett | Head of Pensions, Osborne Clarke | Person | Led the Osborne Clarke team advising the Trustee. |
| Carl Williams | Chair of the Trustee | Person | Commented on the significance of the transaction for members. |