Copper tube maker's scheme concludes £43m buy-in
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The Wednesbury Pension Scheme has completed a £43m full buy-in. The scheme is sponsored by Mueller Europe, a copper tube manufacturer that owns the Wednesbury and Yorkshire brands.
The deal with Just Group covers the liabilities for 384 scheme members, 63 deferred and 321 pensioners, and was advised by Broadstone. The buy-in was completed without trustees requiring additional contributions from the employer.
Broadstone explained the scheme had been in a buyout surplus for some time and its investments were fully derisked and liquid, but that the trustees and sponsor wanted to ensure best value, spending time preparing the scheme to maximise the engagement from insurers. Just had offered the scheme a guaranteed quotation, according to the insurer.
Richard Bryant, a trustee for Atkin Pensions, said the preparatory work resulted in an “attractive deal for all stakeholders”. He added: “This outcome secures a strong future for members and the sponsoring employer, proving that smaller schemes can achieve outstanding results.”
Mueller Europe’s managing director Mark Millerchip thanked those involved in the transaction and said “passing the scheme to pension professionals to give greater security to scheme members has been our long-term aim”.
Broadstone provided annuity broking service, in addition to their position as scheme actuary and investment consultant. The scheme is administered by Atkin Pensions, and Neon Legal advised it.
Bob Jenkinson, who was the deal lead at Broadstone, said: “Our work with all of the advisers and trustees who focussed on the key issues, allowed the selection of the insurer and completion of the transaction to proceed at pace.”
The deal with Just Group covers the liabilities for 384 scheme members, 63 deferred and 321 pensioners, and was advised by Broadstone. The buy-in was completed without trustees requiring additional contributions from the employer.
Broadstone explained the scheme had been in a buyout surplus for some time and its investments were fully derisked and liquid, but that the trustees and sponsor wanted to ensure best value, spending time preparing the scheme to maximise the engagement from insurers. Just had offered the scheme a guaranteed quotation, according to the insurer.
Richard Bryant, a trustee for Atkin Pensions, said the preparatory work resulted in an “attractive deal for all stakeholders”. He added: “This outcome secures a strong future for members and the sponsoring employer, proving that smaller schemes can achieve outstanding results.”
Mueller Europe’s managing director Mark Millerchip thanked those involved in the transaction and said “passing the scheme to pension professionals to give greater security to scheme members has been our long-term aim”.
Broadstone provided annuity broking service, in addition to their position as scheme actuary and investment consultant. The scheme is administered by Atkin Pensions, and Neon Legal advised it.
Bob Jenkinson, who was the deal lead at Broadstone, said: “Our work with all of the advisers and trustees who focussed on the key issues, allowed the selection of the insurer and completion of the transaction to proceed at pace.”
