Property firm signs £20m buy-in
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The BPT Retirement Benefits Scheme has completed a £20m full buy-in covering the benefits of 49 deferred members and 50 pensioners.
The scheme, which is sponsored by a subsidiary of rental property company Grainger, chose Aviva for the deal. Broadstone provided annuity broking alongside their existing services for actuarial, investment consultancy and scheme administration, while Womble Bond Dickinson (UK) were the legal advisers.
Trustee chair Adam McGhin, who is also group general counsel and company secretary at Grainger, said the fund was pleased by a funding improvement, adding: “We have been working with our advisers to secure the position, and with their support identified that a buy-in transaction was the optimal approach for the members, trustees and the company.”
Broadstone said the Company was “keen to remove the ongoing risk and cost so that it could focus on continuing to grow and focus upon its core business”.
Bob Jenkinson, deal lead at Broadstone, said there was significant work to complete to ready the scheme for market.
“By preparing the scheme well, we were able to swiftly complete the transaction through Aviva’s streamlined process," he added.
Paul Donnelly, BPA deal manager at Aviva, said: “We worked exclusively with the trustees early in the process to ensure a smooth and straightforward transaction.”
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