08 November 2024
K3 Advisory, the pension market’s only specialist independent bulk annuity and consolidator advisory business, and market-leading end-game advisory business to the fiduciary management market, today announced the successful completion of a £2m full scheme buy-in transaction.
The transaction, which was within the Mechanical and Electrical industry, completed in July and secured the benefits of 16 pensioners and 3 deferred members. Legal & General was the insurer.
John Mayer, Senior Actuarial Consultant at K3 Advisory, commented: “This transaction is a great example of how swift and efficient these exercises can be if schemes are prepared, and industry relationships and collaborations work well. It’s always pleasing to be able to deliver security for members of small schemes and this scheme was a brilliant example of this. A fantastic result all round.”
Chair of Trustees for the scheme added: “We’re very pleased with how smoothly the entire process went. K3 Advisory’s expertise and strong connections in the industry were key to securing a favourable outcome for our members at an extremely competitive price. We now look forward to working with them on the next step – the buy-in to buyout phase – and the critical process of data cleansing as laid out by the insurer. Being able to outsource the project management of this will almost certainly lead to a quicker and more cost effective ultimate wind up of our scheme.”
Joseph Stimpson, Pricing and Operations Director, Legal & General: “We are very pleased to have been able to help another smaller scheme achieve its objectives and secure the future of its members’ benefits. In an increasingly busy and competitive market it is reassuring to know we are working with schemes that are well-prepared and transaction-ready. We’d like to thank both the Trustee and K3 for their close collaboration which helped make the process smooth and efficient for all parties.”
Schroders, a strategic partner to K3, provided investment advisory services and Mills & Reeve acted as the Trustees’ legal advisors.
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