Management Consulting
Aon
Full Credential Description
Aon advised the Trustees of the Bank of America Merrill Lynch UK Pension Plan on a £400 million pensioner buy-in with Scottish Widows, covering all 915 pensioner members in the bank's largest pension scheme. This transaction was a significant step in the Plans de-risking journey, enhancing the security of members' benefits and improving the Plan's long-term funding position. The Bank of America Merrill Lynch had previously executed two buy-ins for its smaller pension schemes. Aon utilized its Bulk Annuity Compass platform, which has facilitated over £10 billion in bulk annuity deals since its introduction in 2016, to expedite the transaction at a time when pricing was favorable. The Trustees' financial sophistication and understanding of market dynamics were crucial in navigating a busy market and securing advantageous pricing for the buy-in. The successful completion of this buy-in not only secured a bulk annuity for pensioner members on favorable terms but also contributed to an improved funding position for the Plan. The collaboration between Aon, Linklaters LLP, and Scottish Widows was instrumental in delivering an attractive price and completing the transaction swiftly, thereby achieving greater security for the members of the Plan.