Engineering firm completes £94m buy-in
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The Mabey Pension Scheme has completed a full buy-in covering about 1,000 members with specialist insurer Just Group.
Zedra provided sole trusteeship to the scheme of the Yorkshire engineering company, advised by Isio, which also advised Mabey Holdings, and lawyers Osborne Clarke. First Actuarial were the scheme actuary and administrator.
“Mabey Holdings has always taken its responsibilities as a [defined benefit] scheme sponsor extremely seriously, and we are delighted, having worked very closely with Isio, the scheme trustee and wider advisory team, to see this important project successfully delivered,” said Kate Beauchamp, chief executive of Mabey Holdings.
Zedra director and scheme trustee Alison Bostock said: “We are very pleased to have secured the buy-in for members, demonstrating how as sole trustee we were able to work pragmatically, collaboratively, and efficiently with Mabey Holdings and our adviser team. Our thanks go to all our advisers for helping us to make this happen.”
Kishan Radia, DB business development manager at Just, said there is a vibrant consolidation market for schemes of all sizes.
He added: "It was clear from the outset that the scheme was well-prepared, transaction-ready, and we were able to complete this deal within [about] three months of first engaging with the scheme. Isio’s Opportune platform gave us early sight of the scheme’s data and price target, which allowed us to prioritise and participate in a resource-efficient way.”
Isio risk management specialist ’s David Costello said the firm prioritises insurer-focussed preparation and all-party engagement.
“This deal shows that by outlining success criteria up front, all parties can work collaboratively and with pace to achieve the desired results,” he said.
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