Royal London secures £55m BPA transaction as deal pipeline expands

Royal London, a mutual provider of life, pensions, and investment solutions, has secured a £55 million bulk purchase annuity (BPA) transaction with the Trustees of the Steamship Insurance Management Services Limited Pension and Assurance Scheme.

So far in 2025, Royal London’s BPA team has secured 13 transactions with external pension schemes, a combined value of £865 million in premiums, covering almost 7,000 members, with further transactions both recently completed and in exclusivity.

The latest transaction is Royal London’s third with Barnett Waddingham as risk transfer broker, covering over 350 members. The Trustees also worked with Wedlake Bell as legal advisers and SECOR Asset Management as investment advisers.

Hogan Lovells advised Royal London on this first BPA transaction in the UK between a mutual BPA provider and the pension scheme of another mutual insurance company.

This was the 31st transaction completed by Barnett Waddingham’s risk transfer team in 2025, who are set to complete around 40 transactions over the course of the year.

Tom Hill, BPA Origination Manager at Royal London, commented, “We’re proud to partner with the Trustees of the Steamship Pension and Assurance Scheme, a Board who are deeply familiar with the power of mutuality.

“This transaction only acts to reinforce our long-standing commitment to providing a genuinely different choice in the BPA market and a first-class experience for trustees and their members over the very long term.

“We’re also delighted to have completed three transactions in six months with the team at Barnett Waddingham, and we look forward to working with them on many more in the future.”

Andy Smith, Barnett Waddingham, added, “Having worked with this scheme across a number of years, it’s been fantastic to help the Trustees complete a buy-in transaction that achieved their objectives. Royal London were able to deliver on a number of fronts, across both price and their wider offering. It’s particularly exciting to have achieved a market first, working with the Royal London team collaboratively to deliver an outcome that is mutually beneficial for all.”

Graham Jones, on behalf of the Trustees, said, “The opportunity to transact with a mutual was an important consideration for the Trustees given the emphasis we place on service and stability. Supported by the excellent advice of Barnett Waddingham, Wedlake Bell and SECOR, we are pleased to have smoothly completed a buy-in with Royal London, which we believe is in the best interest of the members of the Scheme.”