Osborne Clarke advises British Heart Foundation pension scheme on £37m buy-in with Royal London

Osborne Clarke has advised the trustees of the British Heart Foundation Staff Pension Scheme on their £37 million buy-in with Royal London.

The transaction fully secures the benefits of over 200 Scheme members.

The collaborative approach adopted by the British Heart Foundation (the BHF), the Scheme trustees and their advisers ensured the buy-in was achieved at an affordable cost and within a very short timescale – just 14 business days after Royal London was awarded exclusivity by the Scheme trustees.

Osborne Clarke advised the Scheme trustees, with a team led by Head of Pensions, Jonathan Hazlett.

Broadstone, led by senior consultant, Bob Jenkinson, advised the Scheme trustees. They provided risk transfer advice as the deal lead, as well as actuarial, administration and investment support under their longstanding appointment. Isio advised the BHF.

“We’re delighted to have supported the Scheme trustees and the BHF on this transaction. It’s a great result to have been able to secure members’ benefits in full with Royal London, whose mutual status aligned really well with the BHF’s values. The transaction was completed quickly and efficiently, thanks to the strong and collaborative working relationships established between the Scheme trustees, BHF representatives and all of their advisers.”

Jonathan Hazlett, partner and head of Osborne Clarke pensions team

"Above all, this positive news improves the security of providing benefits payable to the members of the Scheme and their dependants. We are therefore incredibly pleased to have achieved this important milestone with Royal London, with excellent support from our advisers and BHF.”

Roshan Teeluck, Chair of the Scheme trustees

Ranked as a top tier firm by legal directories including the Legal 500 and Chambers UK, Osborne Clarke’s pensions team advises on all aspects of pensions law and practice.

The team specialises in pensions risk transfer work including securing members’ benefits with an insurance company as well as superfund transactions, having advised the trustees of the Debenhams Retirement Scheme on its transfer to the Clara Pensions Trust in 2023 and Clara itself on its successful transaction with the Wates Pension Fund in 2024.