Osborne Clarke advises the Trustee of the Grant Thornton Pensions Fund on its £280m buy-in with Royal London

The transaction includes more than 2,200 members

Royal London, the UK’s largest mutual life, pensions and investment provider, has secured its largest external Bulk Purchase Annuity (BPA) transaction to date with a £280 million buy-in completed with the Grant Thornton Pensions Fund.

International legal practice Osborne Clarke advised the Grant Thornton Pensions Fund with a team led by head of pensions, Jonathan Hazlett.

Aon advised the Trustee and Grant Thornton whilst Royal London was advised by DLA Piper. Barnett Waddingham and Cardano provided actuarial and investment advice to the Trustee.

Royal London was one of nine insurers that submitted proposals for the buy-in, demonstrating a thriving industry with plenty of choice for pension scheme trustees and sponsors.

The Trustee and Royal London have developed a project plan for buyout of the Fund, at which time the 2,200 members of the Fund will become direct Royal London policyholders.

Royal London – the only customer-owned mutual insurance company operating within the BPA market – has now secured £560 million in premiums across seven buy-ins since the start of 2025, with transactions ranging from £20 million to this most recent £280 million buy-in.

“We were delighted to have supported the Trustee in this significant transaction. The Trustee has been a long-standing client for Osborne Clarke and so it's been really rewarding to have got to a position where members' benefits have been fully secured with Royal London. The transaction was completed quickly and efficiently, which was only possible because of the strong and collaborative working relationships established between the Trustee and Royal London and all of their advisers.”

Jonathan Hazlett, Head of Pensions at Osborne Clarke

Carl Williams, Chair of the Trustee said: “This transaction is a fantastic outcome for our members.

“The legal advice provided by Osborne Clarke throughout meant that we made an informed decision as to which insurer to select and could weigh up all options including non-price factors. The successful completion of the transaction in short timescales and the agreed timetable to move on to full buy-out was a result of the strong support and collaborative engagement of all advisers including Osborne Clarke.”

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.