31 October 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, in partnership with actuary and consultant Cartwright, today announced the successful completion of a £7m scheme buy-in transaction for the Armfield Limited Pension and Life Assurance Scheme.
The scheme, consisting of 24 pensioners and 15 deferred members, was completed on 8 March 2024. Just Group insured the scheme, while Cartwright provided actuarial, administration, and investment advice. HCR Hewitson were the appointed legal advisors, and Bradley Ormsby served as the Chair of Trustees (non-professional) for this transaction.
Thomas Crawshaw, Lead Adviser at K3 Advisory, commented: “We continue to see strong demand for our services from sub £10 million schemes as they look to seize opportunities and secure benefits for members. Our deep understanding of the unique challenges faced by schemes of this size, combined with our specialist expertise, means we are able to come up with interesting and innovative solutions that work in practice. In an increasingly competitive market, we’re proud to remain at the forefront, consistently leading the way in securing the best outcomes for our clients and their valued members.”
Sam Roberts, Director of Investment Consulting at Cartwright, stated: “Working with K3 Advisory on this project, we have demonstrated again that tailored advice, thoughtful planning and preparation, and using the latest best ideas and processes, delivers security and value for money for the scheme. In a crowded and competitive bulk annuity market, our collaborative efforts ensured we could provide unique solutions tailored to the specific needs of the pension scheme.”
The Chair of Trustees added: “With a small scheme of fewer than 50 members, once the Trustees had assured us that long term member interests would be completely protected, affordable pricing became our initial concern. Working with K3 Advisory and Cartwright, backed by their expert investment advice, seamless administration, and sound actuarial decisions, they ensured the members’ benefits were secured affordably and efficiently. Their dedication and professionalism were evident throughout the entire process.”
Kishan Radia, Business Development Manager at JUST Group said: “We’re very pleased to have secured the benefits for all members of the Armfield Limited Pension and Life Assurance Pension Scheme. This deal used our innovative bulk quotation and price monitoring service, Beacon, and our streamlined transaction route. In a competitive market it’s important for small schemes to be well-prepared and by working in collaboration with K3 and Cartwright on this deal, we’ve been able to meet the needs of both the Trustees and sponsor. This transaction is evidence of a vibrant bulk annuity market that’s working for schemes of all sizes.”
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