The College of Law Pension and Assurance Scheme has agreed an £85m buy-in with Royal London, meaning that all scheme liabilities are now fully covered by insurance contracts.

Hymans Robertson and Linklaters advised the trustees on the buy-in, while Royal London were advised by Hogan Lovells.

The deal, which marked the ninth buy-in secured by Royal London’s bulk purchase annuity (BPA) business to date, means that the group has now passed the milestone of £1bn of liabilities insured, with three further pension schemes in exclusive contract negotiations.

Royal London said that it worked closely with the pension scheme trustees and their advisers to progress the transaction whilst monitoring pricing to ensure the transaction aligned with scheme affordability.

Lead trustee at Dalriada Trustees, Tiziana Perrella, also emphasised the importance of collaboration, explaining that the trustees worked closely with their advisers and Royal London to navigate a period of "significant" market volatility.

"The trustees conducted an in-depth due diligence analysis of Royal London's financial position and administration capabilities as part of their decision-making process and were satisfied that they were a robust and reliable counterparty for the transaction," Perrella said.

Adding to this, BPA origination lead at Royal London, Mark Sharkey, stated: "We're thrilled to reach this important milestone as a business with The College of Law Pension and Assurance Scheme transaction.

"We've been in discussions with Tiziana and the wider trustee board since late last year. It was a real team effort with them and Hymans Robertson to ensure everything was ready for when the 'affordability stars' aligned."

Also commenting on the deal, senior risk transfer at Hymans Robertson, Claire O'Neill, said: "It has been a pleasure to work with the trustees over many years on their de-risking journey.

"Diligent preparation has meant that the trustees were well-placed to move quickly to capture the opportunity to insure members' benefits at an accelerated pace. We look forward to continuing to support the trustees in the important post-transaction work."

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