Royal London hits the ground running in 2025 with Lufthansa UK Pension Trustee BPA transaction
- The transaction between Royal London and Lufthansa UK Pension Trustee Limited has a value of £120 million across three pension schemes
- The Trustee was advised by Cardano, a business of Marsh McLennan and CMS
Royal London, the UK's largest mutual life, pensions and investment provider, has secured its first bulk purchase annuity (BPA) transaction of 2025 with a £120 million agreement with Lufthansa UK Pension Trustee in January 2025 that insures Lufthansa Group's three UK defined benefit pension schemes in one integrated transaction.
Each of the pension schemes had its own unique features but the parties worked together to run the transactions efficiently, offering bespoke contractual terms where appropriate.
The transaction, signed in the first week of January, marks a positive start to the year and with further business in exclusive negotiations, it reflects Royal London's ambitions in the BPA market. As the only mutual in the BPA market, Royal London offers trustees a new choice and has put its commitment to member care at the heart of its proposition.
Commenting, Beatrice Male, BPA Origination Lead at Royal London said:
"We’re delighted that Lufthansa and their UK Pension Trustee have placed their faith in Royal London at this stage in our BPA journey. We were clear with the Trustee throughout that, as a mutual, we see brilliant customer care for their 1,200 members over the decades ahead as critically important and that appears to have resonated really well with them.
"This transaction at the start of 2025 continues the momentum we were enjoying in 2024 and we look forward to welcoming more pension scheme trustees and their members to Royal London in the months ahead."
Clive Grimley, Chair of Trustees, Lufthansa UK Pension Trustee Limited said:
"The Trustee is delighted to have worked with Royal London to deliver long-term benefit security for our pension scheme members."
Adolfo Aponte, Managing Director, Cardano, a business of Marsh McLennan, said:
"We are very pleased to have supported the Trustee of the three Lufthansa UK pension schemes to deliver a positive result for their members. This three-in-one transaction pushed the boundaries of what was thought possible in this segment of the market, demonstrating the value of buying-in the schemes together."
For further information please contact:
Nicki Parry, PR Manager
- Email: nicki.parry@royallondon.com
- Mob: 07919 170 043
Notes to editor
Visit the Royal London website to find out more: Bulk annuities - Royal London for Employers
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.
