Consort Equipment Products agrees £4m buy-in
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The pension scheme of electric heating manufacturer Consort Equipment Products has secured a £4m full buy-in covering 31 pensioners and 6 deferred members with the help of bulk annuity specialists K3 Advisory.
The buy-in was agreed with Just Group.
“As a small scheme, it can be challenging to find the support we need, and we were unsure that a buy-in would even be an option for us,” said Ed Spankie, trustee and managing director at Consort.
“Working closely with the team at K3, we were able to see that it was an accessible opportunity and they helped us get there - the whole process was smooth and efficient, and we have been able to secure our members’ hard-earned pensions,” he added.
Noting that the bulk annuity market is currently busy and competitive, Adam Davis, managing director of K3, said: “Working closely with the client and its advisers we were able to present a well prepared scheme to the insurance market, demonstrating very clearly that size is not an [obstacle] if you are well organised and ready.”
Actuarial and investment advice was provided by Hughes Price Walker and legal advice by Blake Morgan.
