The Milliken Industrials Limited Pension Plan has completed a £44m buy-in with Royal London, securing the benefits of around 500 members.

Barnett Waddingham and Eversheds Sutherland advised the trustees on the deal, while Mayer Brown advised Royal London.

A spokesperson for the trustees described the deal as a "great outcome" for its members, who would benefit from the added long-term security offered by the insurer.

"The success of this transaction is a result of huge efforts and great collaboration from our advisers Barnett Waddingham and Eversheds, together with excellent support from the Royal London team," they added.

Also commenting on the transaction, a spokesperson for Milliken Industrials Limited said: "We are delighted to see the successful completion of this transaction. Particularly as the chosen insurer, Royal London, is a mutual society insurer, and in many ways mirrors the ethics and values on which Milliken prides itself as a business."

Echoing this, Barnett Waddingham risk transfer partner, Adam Walker, stated that there was "nothing better" than arranging a deal that meets the client's key requirements and brings good news for everyone involved.

"This was our first signed transaction with Royal London, whose pragmatism and spirit of collaboration with us were key to getting the right deal to secure benefits for the plan's members," he added.

Adding to this, Royal London bulk purchase annuity (BPA) origination lead, Moin Patala, said his firm worked in "close alignment" with the trustees and Barnett Waddingham throughout the project and looked forward to welcoming the 500 members of the Milliken Industrials Limited Pension Plan to Royal London.

"Together, we fostered a collaborative and transparent relationship built on shared respect and purpose," he continued.

"As we grow and evolve our BPA business, it's really rewarding to see our mutual status continuing to attract trustees, allowing us to deliver strong partnerships and security for their members for decades into the future."

This article was first published on our sister website, Pensions Age.

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