Ridgeon Group pension scheme completes £50m buyout with L&G

The Ridgeon Group Pension and Life Assurance Scheme has completed a £50m buyout transaction with Legal & General (L&G) Retirement Institutional, securing the benefits of approximately 230 pensioners and 300 deferred members.

The Ridgeon Group trustees were advised throughout the transaction by Buck, Eversheds Sutherland, Mills and Reeve, and L&G Retirement Institutional.

Buck scheme actuary and lead adviser on the transaction, David Broadbent, explained that the transaction was made possible thanks to additional capital provided by the original owners following the sale of the scheme’s sponsoring employer.

“We have worked hard with the scheme trustees and their legal advisers, Eversheds Sutherland, to get the scheme to this position,” he stated.

“It’s important to us that every scheme has access to the very highest quality of advice and service when completing a transaction of this nature.”

Ridgeon Group Limited director, Ian Northen, also emphasised that the company was "delighted" that the buyout has been secured for the benefit of the members, also expressing gratitude to Buck for its part in achieving it the deal.

This was echoed by chair of trustees, Michael Symons, who commented: "Buck have been advisers to the scheme since 1980 (when I was involved in their selection).

"Since then I have found them to be consistently pragmatic, thoughtful, and supportive of good communication with members. They have been a major factor in enabling us to complete the buyout of the scheme benefits."

L&G Retirement Institutional chief customer officer, David Poulton, added: “We are pleased that the buyout process has been successfully completed for the scheme.

“Our team have worked closely with the trustees and their advisers to secure the pension benefits of the scheme members and we are delighted to be able to now welcome them as L&G pension customers.”

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