Gordonstoun School pension scheme agrees £6.6m buy-in with L&G

The Gordonstoun School Retirement Benefits Scheme has agreed a £6.6m full scheme buy-in with Legal & General (L&G) Assurance Society, securing the retirement benefits for around 30 deferred members and 65 retirees.

The trustees received advice on the transaction from Barnett Waddingham and legal advice from DWF LLP.

L&G was appointed by the trustees on a sole insurer basis in light of the existing relationship with L&G Investment Management (LGIM), which has managed investments for the scheme since 1999.

Gordonstoun School bursar and trustee, Pamela Muir, highlighted the announcement as a “significant milestone”, emphasising that members now have long-term security as a result of the agreement.

“The benefits built up in the scheme are now secured by the strength of a large insurance company and, in order to secure this outcome, Gordonstoun made a significant financial contribution,” she explained.

“This is the culmination of several years of work and we are grateful to the school for its support, as well as the expert advice of the team at Barnett Waddingham.”

Adding to this, Barnett Waddingham bulk annuity team partner, Chris Hawley, said: “We are really pleased to have been able to help the scheme navigate a busy marketplace and deliver a successful transaction despite its relatively small size.

"The collaborative nature of the trustees, the school and L&G all working together towards a common goal was instrumental in achieving the positive outcome.

"As ever preparation is critical, even more so at this size, and we worked closely with the trustees over many years to ensure the scheme was well-placed to approach the market.”

Indeed, L&G Retirement Institutional new business manager, Matthew Pawar-Nelmes, argued that every pension scheme should be able to access the buy-in and buyout market irrespective of its size.

"That’s why we’re proud to be a whole of market provider, helping trustees and sponsoring companies settle their obligations and secure their members’ benefits with us," he continued.

"Our long-standing partnership with the Gordonstoun’s trustees has meant we will continue to work seamlessly together as they move towards buyout.”

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