The Lakeland Laboratories Limited 2012 Retirement Benefit Scheme has completed a £9m full buy-in with Just Group, covering pension liabilities for 24 deferred and 30 pensioner members.

K3 Advisory led the process, working closely with the scheme’s actuary and administrator, H&C, while legal advice was provided to the trustee by CMS and investment advice was provided by Cartwright.

Commenting on the transaction, Lakeland Laboratories Limited finance director and the scheme’s chair of trustees, Colin Mallard, said that it “been [the scheme's] goal for some time to achieve full security for our members’ benefits”.

“I’m thrilled that we have reached this milestone,” he continued. “H&C have been our advisers since 2017 and steered us carefully and considerately to this position, then Thomas and the team at K3 helped to finish the job.”

K3 Advisory senior deal lead, Thomas Crawshaw, added: “This transaction went smoothly from start to finish. Working with the team at H&C, we were able to present a well-prepared scheme to the insurance market.

"This made it easy, despite the size of the scheme, for insurers to put forward their best offers. A great result for members, the Trustees and the sponsoring employer.”

Just Group business development manager, Peter Jennings, also highlighted the transaction as "another illustration that schemes that are well prepared not only enjoy competitive pricing but also the benefits that come from a smooth transaction".

“We are really happy to have helped another group of trustees secure the future benefits for their scheme members," he continued.

"The broking process went without hitch – which, even for a scheme of this size, is noteworthy as there are too often unexpected complications that can add unnecessary friction."

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