Aon advises Bank of America Merrill Lynch on £400m buy-in

16 April 2019

Aon publishes on its website:

“Aon (NYSE:AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has advised the Trustees of the Bank of America Merrill Lynch UK Pension Plan (the Plan) on a £400 million pensioner buy-in with Scottish Widows.

The transaction covers all 915 pensioner members in the bank’s largest pension scheme and represents the next significant step on the Plan’s de-risking journey, enhancing the security of members’ benefits while giving rise to an improvement in the Plan’s long-term funding position. Bank of America Merrill Lynch had already carried out two previous buy-ins for its smaller pension schemes.

Aon advised the Plan throughout the transaction, using its market-leading Bulk Annuity Compass platform, which has facilitated the completion of over £10 billion of bulk annuity deals since it was introduced in 2016. Use of Aon’s Compass platform enabled the Plan to move quickly at a time when pricing was attractive. Linklaters LLP provided legal advice throughout the process.”

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