Charities Aid Foundation signs £12m full scheme buy-in
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The Charities Aid Foundation Pension Scheme has completed a £12m full buy-in, advised by K3 Advisory.
The deal with Just Group insures the benefits of 64 pensioners and 155 deferred members and completed on 27 June. Broadstone provided actuarial and administrative services, LCP acted as investment advisers and Osborne Clarke gave legal advice.
Trustee chair David Locke said: “With the expertise of K3 Advisory, Just Group, and the specialist teams, we were able to successfully navigate this scheme’s unique benefit structure. The professional and tactical approach of everyone allowed a successful outcome, ensuring not only immediate protection but also long-term stability for the members.”
The scheme had some unique elements that needed careful handling, said Thomas Crawshaw, senior actuarial Consultant at K3, including flexibilities in the benefit structure which needed to be covered in a way that the trustees were happy to support.
“Despite the complexities of this transaction, we made it work through our deep market knowledge and collaboration with the other expert advisors on this deal,” he added.
Kishan Radia, Business Development Manager at Just, said the firm is pleased to have secured the benefits for all the 219 members of the scheme.
“This deal required a detailed understanding of the scheme’s specific benefit structure, and working closely with K3 meant together we were able to address these challenges smoothly and efficiently. This transaction is evidence of a vibrant bulk annuity market that’s working for schemes of all sizes,” said Radia.
K3 specialises in advising small schemes on risk transfers. It advised the Rawle Gammon & Baker scheme on a full buy-in with Just, disclosed in August, and two unnamed schemes on a buy-in with Canada Life in June.
