The Associated Board of the Royal Schools of Music Pension Scheme has completed a £35m buy-in, covering all 253 members.  

The pension fund for the music exams board chose Pension Insurance Corporation for the transaction.  

PIC was bought by Athora early this year as UK pension risk transfer is considered attractive, with private equity house KKR looking to enter the UK and European buyout markets as well, the Financial Times reports on Wednesday. Canadian investment behemoth Brookfield Wealth Solutions acquired Just Group in the spring, having launched Blumont Annuity last year.  

“Working closely and collaboratively with the charity, we’re delighted to have completed this transaction with PIC which fully secures our members’ benefits. Their long track record of excellence in customer service means we are confident that PIC is the right choice for our members,” said ABRSM pension trustee John Bannister from Capital Cranfield

Joshua Lenz, origination actuary at PIC, said: “We are pleased we were able to strike the right chord with the Associated Board of the Royal Schools of Music Pension Scheme. The trustees were focussed on the importance of customer service for their members, and we’re proud to have been selected on that basis.”  

LCP advised the scheme, which used the firm’s streamlined buy-in service, as well as being the administrators. Matthew Bleakley, who is a senior consultant at LCP, said: “The PRT market is highly competitive this year, and we were delighted to run this transaction which demonstrates that schemes of all sizes are able to secure attractive pricing when they are well-prepared and follow robust processes.” 

Gowling WLG and Sackers gave legal advice to the trustee, while Broadstone also provided support. PIC was advised by law firm CMS.