Carter & Parker completes buy-in with Canada Life

The Carter & Parker staff retirement benefits plan has completed a buy-in for £9.3m with Canada Life.

Working with H&C Consulting Actuaries, K3 Advisory prepared the small DB scheme to purchase an insurancy policy and ran an auction process during which three insurers bid for the business.

The pension scheme is provided to employees of Thomas B Ramsden, a 120-year- old family-run company based in Bradford.

Thomas B Ramsden managing director, Austen Ramsden, said that K3 Advisory and H&C Consulting Actuaries had helped the scheme to secure pensioner members’ benefits below the level at which the company was funding its liabilities.

K3 Advisory managing director, Adam Davis, said: “Historically, small schemes have not had access to the same resources, and therefore solutions, as their larger counterparts making their situations much more challenging.

"This scheme, alongside other cases we are working on, demonstrates that our unique approach to bulk annuity broking has created a vibrant market for smaller schemes which to date has not existed.”

The transaction represents the first bulk annuity deal completed with the help of K3 Advisory, the small scheme specialist independent bulk annuity consultant.

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