The FSCS Pension Scheme, for former employees of the Financial Services Compensation Scheme, has completed a £25m buy-in of the benefits of all 154 members.

The deal with Pension Insurance Corporation covers the liabilities for 37 pensioners and 117 deferred members of the scheme. The transaction follows an improvement in funding and asset derisking, as well as a preparation period. No additional employer contributions had to be made to enable the buy-in. The FSCS is the statutory compensation scheme for UK authorised financial services firms.

Trustee chair Giles Payne from Capital Cranfield Trustees, said: “Broadstone and Arc guided us expertly through the issues raised, which meant we could confidently transact, safe in the knowledge nothing was left to chance. We are pleased to have secured this deal with PIC and are grateful for their engagement in the process along with the support of the employer and the advisers involved.”

Richard Quintian, head of pricing and funded reinsurance at PIC, said: “Being well prepared when approaching a busy market allowed the trustees and their advisers to complete the process in an efficient and timely manner.”

Broadstone provided annuity broking advice alongside an existing appointment as scheme actuary, administrator, secretarial and investment consultant. Deal lead and scheme actuary Christopher Rice noted that “dhe trustees and employer understood the importance of thorough preparation before approaching the market and this led to a competitive process”.

The trustees received legal advice by Arc Pensions Law, while law firm Eversheds advised the employer and PIC was advised by Herbert Smith Freehills.

PIC recently announced a £24m buy-in with the Holophane Retirement Benefits Scheme. Earlier this year, it revealed it has concluded a second buy-in, worth £540m, with shoe manufacturer Clark’s.