Standard Life has completed a £260 million bulk purchase annuity (BPA) transaction with residual risk cover with the ReAssure Staff Pension Scheme, securing the benefits of around 2,750 members.

The transaction, which completed in June 2026, covers approximately 1,500 deferred members and around 1,250 pensioners and dependants.

ReAssure, a life and pensions consolidator, was acquired by Standard Life (formerly Phoenix Group) in 2020. Standard Life has worked closely with the Trustee and its advisers in the period leading up to the transaction to support a well aligned outcome for the Scheme and its members.

Mercer acted as risk transfer adviser to the Trustee, with legal advice provided by Gowling WLG.
This buy in represents an important step in the Scheme’s journey to secure members’ benefits over the long term.

Reaching this stage reflects the close collaboration between the Trustee, sponsor and advisers over several months. By working together with a shared focus on achieving the right outcome, we’ve been able to support a transaction that strengthens long-term security for all members. This is a positive step forward for the Scheme and its future.

- Emma Haylock, PRT Transaction Manager at Standard Life

I’m delighted that we have successfully completed this buy-in, which insures the benefits of all our members. This was a complex project and I am grateful for Standard Life’s support in achieving this outcome. I also want to thank the whole trustee board and our excellent advisers, Mercer, Gowling WLG, WTW and Gallagher for their role throughout the process in scoping and executing the transaction. Member experience has been at the forefront of our mind throughout this process and Standard Life have demonstrated their alignment and commitment in this respect

- Chris Martin, IGG, Chair of Trustee

We worked closely with the Trustee and Standard Life on this transaction. The Scheme’s relationship with Standard Life made for a particularly interesting process. This required due diligence and strong governance from the Trustee, resulting in an excellent outcome for members and helping to secure their benefits for the long term. The strength of the collaboration between the Trustee and Standard Life was central to achieving a strong package with residual risk cover.  This acknowledged the individual Scheme’s circumstances giving the Trustee confidence in the outcome achieved.

- Andrew Ward, Partner and Head of Risk Transfer at Mercer

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About 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 more 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 Group 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.