John Goods & Sons Pension Scheme secures £17m buy-in with L&G

John Good & Sons Limited Pension Scheme has agreed a £17m full scheme buy-in with Legal & General (L&G) Assurance Society Limited, securing the benefits for over 80 pension scheme members.

Transaction preparation was highlighted as an important part of the process for the scheme, involving thorough data cleansing and de-risking of the scheme’s assets into L&G Investment Management's (LGIM) buyout aware funds.

This allowed the scheme to react quickly to enter a price lock to its LGIM Buyout Aware fund units once market conditions moved favourably, ensuring that the scheme had the price certainty needed to then agree to the terms of the buy-in.

The scheme was already an existing L&G client, having appointed LGIM as its fund manager in 2003.

The trustee for the scheme was advised on the transaction by the XPS Pensions Group, whilst legal advice was provided by Arc Pensions Law.

Commenting on the transaction, John Good & Sons Limited Pension Scheme trustee, John Rutherford, said: “We are very pleased to have reached this important stage in our journey to give our members greater security with a well-known and respected company.

“We have received excellent advice which has enabled us to achieve this in a safe and controlled manner.”

L&G Retirement Institutional director, Adrian Somerfield, highlighted the transaction as a "great demonstration" of the value that can be realised by using L&G's group-wide expertise.

“We are delighted to have helped a long-standing client on their de-risking journey and look forward to continuing to build on this relationship as the scheme progresses to buyout," he said.

XPS Pensions Group risk transfer team, Paula Haughton, added: “This is a great example of a scheme gaining excellent pricing and price certainty during the transaction period, having put in significant work up front to prepare for buyout and through timely decision making.”

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