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Three of the smallest buy-in deals to date have been announced by specialist consultants K3 Advisory, with the smallest covering the members of a £600,000 scheme.
The three separate defined benefit schemes were all insured by Just Group and had trustees from governance firm Vidett on their boards.
The three schemes are:
a £600,000 pension fund sponsored by architects Scott Brownrigg, which completed May 2023, covering four deferred members and 16 pensioners;
an unknown £900,000 DB scheme – completed in June 2023 insuring 10 deferred members; and
a £2m scheme, also undisclosed, which completed in July 2023, securing the benefits of three deferred members and two pensioners.
“These three transactions clearly showcase that if prepared in the right way, all schemes have access to the risk transfer 'gold standard' that is purchasing a bulk annuity from an insurer. Utilising our innovative bulk quotation service, and working with K3, we were confident these would be streamlined and efficient processes from start to finish. There is a vibrant DB derisking market for schemes of all sizes,” said Kishan Radia, business development manager at Just.
Mark Foster, deal lead at K3 said his firm’s specialist approach helped reach the deals.
“Establishing insurer interest in these small schemes was further aided by the professional governance in place, giving greater confidence to insurers that the transaction would proceed,” he added.
Kevin Clark, a client director at Vidett, said he felt confident that the pension fund members were in good hands.
“It’s extremely satisfying to have been able to reach such a favourable outcome for all parties,” Clark said.
How hard is it for small schemes to get insurer quotes? Adam DavisKevin Clark
