Sackers advises on £280m buy-in with the Cancer Research UK Pension Scheme

The Cancer Research UK Pension Scheme, sponsored by Cancer Research UK has successfully concluded a £280m bulk purchase annuity transaction with Standard Life. This buy-in transaction covers c. 2,800 members. Sackers advised the trustees along with Mercer and LCP.

Roger Cooper (on behalf of Pi Consulting (Trustee Services) Limited) – Chair of the Cancer Research UK Pension Trustee Board, said: “The Charity and Trustee was targeting a transition to a full buy-in of the Scheme by 2032. I am delighted that with the support of our advisers and the backing of the Charity the Trustee has achieved this major step towards the eventual winding-up of the Scheme ahead of its original target. The support from Mercer, Sackers and LCP has been instrumental in ensuring we were well positioned to go to market and complete the buy-in transition in an efficient and timely fashion. This is a great outcome for the Trustee, the Charity and, most importantly, the members of the Scheme.”

Partner Fuat Sami added: “We were delighted to be part of the adviser team on this transaction. We drew on our risk transfer expertise and our knowledge of the Scheme to meet the Scheme’s de-risking objectives and secure this landmark buy-in ahead of schedule.”

The Sackers team comprised partners Fuat Sami and Ian Cormican and associates Schuyler Hillbery and Ciara Burke.