The Associated Board of the Royal Schools of Music Pension Scheme has secured a £35m full-scheme buy-in with Pension Insurance Corporation (PIC).

The conclusion of the transaction secures the benefits of all the scheme’s 253 members.

The Associated Board of the Royal Schools of Music is a charity offering face-to-face and digital exams, sheet music, recordings, apps and courses for music students and teachers around the world.

LCP acted as lead transaction adviser for the trustee using the consultancy’s streamlined buy-in service.

Gowling WLG and Sackers provided the trustee with legal advice, while PIC was advised by CMS Cameron McKenna Nabarro Olswang.

Associated Board of the Royal Schools of Music Pension Scheme trustee and Capital Cranfield professional trustee, John Bannister, commented: “Working closely and collaboratively with the charity we’re delighted to have completed this transaction with PIC which fully secures our members’ benefits.

“Their long track record of excellence in customer service means we are confident that PIC is the right choice for our members.

“Our thanks to our advisers and administrators LCP, Gowling WLG, Sackers and Broadstone for their expertise and support through the transaction and selection process.”

PIC origination actuary, Joshua Lenz, said the insurer was pleased to be able to “strike the right chord” with the pension scheme.

“The trustees were focussed on the importance of customer service for their members, and we’re proud to have been selected on that basis,” he added.

LCP senior consultant, Matthew Bleakley, stated: “It was a pleasure to advise the trustee on this transaction.

“The pension risk transfer market is highly competitive this year, and we were delighted to run this transaction which demonstrates that schemes of all sizes are able to secure attractive pricing when they are well-prepared and follow robust processes.”

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