BESTrustees and M&G complete £205m buy-in for Huntsman Pension Scheme

The Trustee of the Huntsman Pension Scheme have announced a £205 million buy-in transaction with M&G plc, securing the pension scheme benefits of over 660 retirees and deferred pensioners in the scheme. The insuring entity is The Prudential Assurance Company Limited, M&G’s wholly-owned subsidiary offering life and pensions solutions.

The Trustee, M&G and their advisers worked hard to complete this transaction within the first quarter of 2025. The collaboration of all parties was critical in reaching this milestone with M&G’s premium locked to the Scheme’s assets, comprising of gilts and credit, over that period.

The Trustee’s Chair, John Shipman, working alongside BESTrustees’ Ann Rigby said:

“The Trustee is delighted to have partnered with M&G to complete this transaction. This buy-in helps to provide greater certainty to members about the security of their benefits and represents a pivotal moment in the Scheme’s de-risking journey. My thanks to everyone involved for a great team effort in making this happen.”

The Trustee was advised on the transaction by WTW as risk transfer adviser and Squire Patton Boggs as legal advisers. Eversheds Sutherland provided legal advice to M&G. Gemma Millington, Senior Director, WTW added:

“It was a pleasure to work with the Trustee, Ann Rigby of BESTrustees, M&G and the wider advisory teams to achieve this significant transaction for the Scheme. A collaborative approach from all parties working closely together was key to achieving an attractive outcome for the Scheme.”