Unnamed pension scheme completes £12m buy-in

An unnamed pension scheme has completed a £12m full buy-in, covering 132 deferred members and 134 pensioners.

The scheme, which is sponsored by a global family-owned retail business, completed the deal in September 2021.

K3 Advisory, which provided advice on the deal in partnership with River & Mercantile, announced the completion of the transaction.

The firm also worked with Schroders Solutions, the scheme’s investment adviser, while Shoosmiths acted as the legal adviser to the trustee.

In total, eight insurers were approached in relation to the potential buy-in, with two ultimately providing quotes.

Commenting on the announcement, K3 Advisory managing director, Adam Davis, said: “Using our no-nonsense approach to the broking of small schemes, we were able to attract multiple insurers to bid.

"This competitive tension led to good pricing being received and no contribution from the sponsoring employer was required.

"It was good to work on our first case with Schroders Solutions, and their expertise in negotiating and implementing a price lock ensured the transaction went smoothly.”

The scheme chair of trustees, Martin Flavell, added: “This is the second buy-in I have been involved with and it was very well planned and executed.

"K3 worked closely and effectively with the trustees, company and the insurers throughout and Schroders Solutions provided strong support on the asset transition."

Schroders Solutions head of UK design & strategic risk, Gerard Francis, concluded: “We have worked with the scheme for several years, and it is very satisfying to have helped the trustees, aided by our relationship with K3, on their journey that led to this transaction.

"Even at this small size of transaction, we were able to implement a price lock for the scheme that gave assurance over pricing while the contract was being agreed. This is a great result for members, the trustees and the company.”

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