The Compass Group Pension Plan, Chertsey, England, completed a £1.5 billion ($1.9 billion) buy-in with Standard Life, according to a news release.
The plan is sponsored by the Compass Group, which is one of the world's leading providers of food services, operating in 30 countries. The company has 580,000 employees worldwide and generated revenues of over $42 billion for the 2024 fiscal year.
The bulk purchase annuity arrangement, which completed in December, is a buy-in for the majority of the plan’s U.K.-based participants, securing the benefits of over 14,000 retirees and over 11,000 deferred participants.
Professional trustee services were provided by Capital Cranfield. Mercer was lead broker on the project and transaction adviser to the trustees, as well as providing additional actuarial advice. The trustees were also supported by Eversheds Sutherland for legal advice and Aon provided investment advice. XPS is the plan’s administrator. Lane Clark and Peacock was lead transaction adviser to Compass and provided actuarial and strategic advice. Freshfields provided legal advice to Compass.