Small scheme completes buy-in
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The trustees of the Intersil Ltd Superannuation Fund have completed a £1.5m full pension scheme buy-in transaction.
The deal was made with specialist insurer Just Group in August last year.
Intersil Ltd is a subsidiary of Renesas Electronics Corporation, a Japanese semiconductor manufacturer.
Consultancy Aon advised the trustees, with the scheme using Pathway, Aon’s and law firm Eversheds Sutherland’s service for smaller bulk annuity transactions, and Just’s streamlined bulk quotation.
“Insuring our members' benefits has been a key aim of the trustee and company, providing long-term security for their benefits,” said trustee chair Jo Myerson said. “We were able to complete the transaction efficiently through a hands-on approach from Aon and the flexibility and responsiveness of all parties.”
Chris Dunford, senior consultant in Aon’s risk settlement group, said that all schemes can achieve their objectives “if they approach the market in the right way”, and Geraint Jones, a business development manager at Just, added that “there is a vibrant bulk annuity market for schemes of all sizes”.
Do streamlined services offer value for small schemes?
