Standard Life, part of Phoenix Group, has successfully concluded a £280m Bulk Purchase Annuity transaction with the Cancer Research UK Pension Scheme, which is sponsored by Cancer Research UK - the world’s leading cancer charity, dedicated to saving and improving lives through research, influence and information. This buy-in transaction covers c. 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 Scheme’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.

Standard Life has been the headline sponsor of Cancer Research UK’s Race for Life event series since 2023, which raises funds for life-saving cancer research and takes place in hundreds of venues across the UK. Over that period, Standard Life employees have entered over 1500 Race for Life events and collectively raised over £200k to support the vital work of Cancer Research UK.

Alex Oakley, BPA Transaction Manager at Standard Life, commented: “We are delighted to have been selected to partner with the Trustee and help them achieve their derisking objectives.

Throughout this process, we worked closely with the Mercer Risk Transfer team, maintaining open communication at every stage of the process. 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.

We are pleased to have the opportunity to enhance our relationship with Cancer Research UK by helping secure long-term financial certainty for their members.” 

Maurice Speer, Partner in Mercer’s Risk Transfer team, added: “This transaction is one I am extremely proud of.  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.

With such high demand from insurers for this Scheme, we shortlisted insurers from the outset based on specifically defined selection 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. 

With a highly competitive process, we secured a very attractive deal for the Scheme, the members and the Charity.”

Roger Cooper (on behalf of Pi Consulting (Trustee Services) Limited) - Chair of the Cancer Research UK Pension Trustee Board, said: "The Charity and Trustee was targeting a transition to a full buy-in of the Scheme by 2032. 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.”  

Media enquiries

For further information, photos, video content or interviews, contact: