Building materials company secures £23m buy-in
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The Rawle Gammon & Baker Ltd Pension & Assurance Scheme completed a full buy-in of 113 deferred members and 154 pensioners in June.
The scheme, sponsored by FTI Property, was advised by specialist consultants K3 Advisory. It has insured the pension benefits with Just Group.
In-Vest & Retire were the trustees’ investment adviser. Like K3, In-Vest is held by Western Solutions Group, which is in turn owned by food company Vestey. WPS Trustee Services, also part of Western, supported the deal as well.
First Actuarial provided the administration and ongoing actuarial advice to the trustees, and Eversheds Sutherland acted as legal advisers.
“The support and advice received from WPS, In-Vest & Retire and K3 took the trustees from having the initial idea of a buy-in, through development and management of the project plan and all the way up to completion of the transaction,” said trustee chair Paul Turner.
Kishan Radia, business development manager at Just, said: “This transaction shows the market is open to schemes of all sizes, and in this vibrant market being well prepared is particularly valuable to small schemes in helping them secure insurer engagement.”
Thomas Crawshaw, senior actuarial consultant at K3, said: "After a short period of monitoring and preparation by the trustees and advisers, the attractive pricing on offer meant we were able to move quickly and complete this transaction significantly sooner than the trustees’ and sponsor’s original plans."
