The Cancer Research UK Pension Scheme has concluded a £280m (€330m) buy-in with Standard Life, covering 2,800 members.
The deal, which concluded in March 2025, saw the trustee and Cancer Research UK collaborate closely with Standard Life to meet the fund’s de-risking objectives and secure this buy-in through a “bespoke” offering.
Mercer acted as the lead transaction adviser to the trustee, with investment advice from LCP and legal advice from Sackers.
Roger Cooper, chair of the Cancer Research UK pension trustee board, said the fund was originally targeting a transition to full buy-in of the scheme by 2032.
He said: “I am delighted that with the support of our advisers and the backing of the charity, the trustee has achieved this major step towards the eventual winding-up of the scheme ahead of its original target.
“The support from Mercer, Sackers and Lane Clark and Peacock has been instrumental in ensuring we were well positioned to go to market and complete the buy-in transition in an efficient and timely fashion. This is a great outcome for the trustee, the charity and, most importantly, the members of the scheme.”
Alex Oakley, BPA transaction manager at Standard Life, said that Standard Life worked closely with Mercer’s risk transfer team throughout the proccess “maintaining open communication at every stage”.
He continued: “These established ways of working together were key to delivering a bespoke solution that addressed the unique needs of the scheme and the trustee. This was supported by the scheme itself, which had undertaken careful preparation before the transaction, and had a clear set of objectives, which meant our team could focus on their priorities and efficiently secure member benefits.”
Maurice Speer, partner in Mercer’s risk transfer team, added: “Mercer has worked with the scheme and charity for many years, guiding the scheme through its preparation steps, ultimately leading to a successful transaction with Standard Life.”
Speer added that with a high demand from insurers for this scheme, Mercer shortlisted insurers from the outset based on specifically defined selected criteria.
“A key consideration was insurers’ ESG credentials, their ability to offer a range of complex benefits, and member experience post buy-in. With more insurers in the market, defining selection criteria upfront has become increasingly important,” he explained.
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