M&G has been named Bulk Purchase Annuities Solution of the Year, following twelve months in which the company executed bulk purchase annuities (BPA) deals worth £560m, while securing the benefits of 3,000 pensioner and deferred members.

A standout innovation of the firm's year was the launch of M&G's de-risking solution, Value Share BPA, on a transaction worth £500m. The structure allows sponsors and trustees to retain the majority of investment upside typically ceded in traditional BPA deals while capping downside risk.

In another bespoke deal, M&G accommodated a scheme's considerable illiquid asset holding by leveraging its £130bn With-Profits Fund. M&G was able to accept the illiquid asset in-specie, applying an appropriate haircut for the scheme. This was a critical differentiator, as the asset was not Matching Adjustment (MA) eligible, meaning most insurers would have declined to accommodate it.

M&G continues to redefine what's possible in pension risk transfer, while setting a new standard for the BPA market.