Standard Life has successfully concluded a £275m buy-in transaction with the Biffa Pension Scheme (the Scheme), securing the benefits for 3,070 members.

The Scheme is sponsored by Biffa, a leading UK waste management and recycling company. The deal, which completed in September, covers 1,280 deferred members and 1,790 current pensioners and dependents of the Scheme.

The buy-in represents an important milestone in the Scheme’s de-risking journey, achieved through close collaboration between all parties.

Aon acted as lead transaction adviser, as well as providing actuarial and investment advice to the Trustee. Gowling WLG provided legal advice to the Trustee.

Alexa Mitterhuber

This transaction has helped provide greater long-term certainty for more than 3,000 members. It also demonstrates the value of strong collaboration between all parties. The Scheme approached the market with clear objectives and a high level of preparation, enabling an efficient process and a positive outcome.

- Alexa Mitterhuber, Director, Pension Risk Transfer at Standard Life

Keith Jones

Completing this transaction is a significant achievement for the Scheme and Standard Life is a well-established brand familiar to our members. I would like to thank my fellow trustees, our advisers, the Company and Standard Life for their support and collaborative approach throughout the process.

- Keith Jones, Chair of Trustees

Hannah Brinton

We were pleased to support the Trustee in achieving an excellent outcome for Scheme members. The process generated significant insurer engagement and competition across the market, culminating in the selection of Standard Life. This included making certain that the Trustee’s requirements on services for member experience were an integral part of the deal.

- Hannah Brinton, Partner at Aon

Biffa

We were pleased to collaborate with the Trustee in reaching this milestone, as the transaction provides increased benefit security for members that have supported Biffa on its growth journey over a number of years.

- A representative of Biffa

Media enquiries

For further information, photos, video content or interviews, contact:

  • Louise Bryans

    Public Relations Manager, Workplace & Adviser
    Telephone

    07974 063067

    Email

    louise_bryans@standardlife.com     

Notes to editors:

About Standard Life plc ("Standard Life")

Standard Life is a retirement specialist focused entirely on retirement saving and income.

We are proud to manage around c£317bn in assets on behalf of our 12 million customers, and we champion the belief that everyone's journey to and through retirement can be better.

With our focus entirely on retirement savings and income we want to be the business that people trust to guide their retirement journey, helping our customers achieve better outcomes and greater financial security in later life.

As a FTSE 100-listed group we are using our size, expertise and influence to shape the world our customers will retire into, and are committed to helping three million customers by 2035, take action towards a better retirement.

Standard Life is a responsible investor with a clear commitment to supporting a more sustainable future. The company has achieved its net zero goal across its emissions for 2025 and is working towards net zero investment portfolios by 2050 or sooner.

Standard Life is recognised as a leading employer, with long-standing accreditation as a Living Wage Employer, Living Pension Employer and Carer Positive Exemplary Employer and in 2025 became one of Britain’s Most Admired Companies in 2025.