Royal London announces BPA transaction with the Oxford Instruments Pension Scheme
Royal London, the UK's largest mutual life, pensions and investment provider, has secured a £213 million bulk purchase annuity (BPA) transaction with the Oxford Instruments Pension Scheme.
The Scheme is sponsored by Oxford Instruments plc, a leading provider of scientific technology tools and expertise to academic and commercial partners.
The transaction, finalised in December, covers more than 1,600 members and marks Royal London's second largest external buy-in to date, after the £275m transaction completed with the Grant Thornton Pensions Fund in May of last year.
Aon acted as the risk transfer adviser and scheme actuary to the Trustee, with Norton Rose Fulbright providing legal advice, Schroders providing investment advice and with secretariat and governance support from Independent Governance Group. Royal London was advised by Mayer Brown.
Steve Warren, Chair of Trustees for the Oxford Instruments Pension Scheme said:
"The Trustee is delighted to have secured our members’ benefits via the bulk annuity policy with Royal London, achieving a fantastic outcome for the Scheme, the sponsor and its members. Many thanks to Royal London and our advisers for helping us to achieve this significant milestone."
Baljit Khatra, BPA Origination Lead at Royal London said:
"We are incredibly proud to have been chosen by the Trustee from a very strong field of insurers. We understand that our differentiated proposition as a mutual was a key deciding factor in what was a highly competitive process."
"It was fantastic working with the Trustee and their advisers, and we're committed to delivering with pace and proactivity as we support them and their members with a seamless, high-quality experience over the long term."
Leah Evans, Risk Settlement Partner at Aon said:
"We are pleased to have supported the Trustee throughout its de-risking journey. The focused preparation work carried out on member data, asset alignment and transaction decision making resulted in very strong insurer interest and ultimately culminated in a full Scheme bulk annuity transaction that was secured on attractive terms for the Scheme and its members. It was a pleasure working with the Trustee, Oxford Instruments, Royal London and the other advisers throughout."
Notes to editors
Visit the Royal London website to find out more: Bulk annuities - Royal London for Employers
For further information please contact:
Daniel Henry, PR Manager
- Email: daniel.henry@royallondon.com including PressOffice@royallondon.com
- Mob: 07833 782 474
About Royal London
Royal London is the UK's largest customer-owned life, pensions, and investment company, and one of the top 30 mutuals globally*. With over 160 years of heritage and no external shareholders, we're able to take a long-term view, focusing on supporting better outcomes for our customers.
Today, Royal London looks after 8.4 million life and pension policies, with £212 billion of assets under management and over 5,000 colleagues**. In 2026, we shared £199 million of our profits with approximately 2.4 million eligible customers.
We invest in partnerships that reflect our values, including being the only Founding Partner of the first British & Irish Lions Women's Team, supporting women's and girls' rugby across grassroots and elite levels to help develop the next generation of players and coaches. All driven by our commitment to doing what's right for our customers.
Royal London works for you.
Discover more at royallondon.com.
*Based on total 2024 premium income. International Cooperative and Mutual Insurance Federation Global data, 2026.
**Figures quoted are as at 30 June 2026.
