RHS scheme enters £22m buy-in
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The trustees of the Royal Horticultural Society 1974 Pension Scheme have completed a roughly £22m buy-in.
The deal with Royal London covers 230 members. The mutual insurer said it met with the trustee board earlier in the year, agreeing a “sole insurer framework which delivered a tailored solution for the trustees at an attractive pricing level”.
RHS finance director Ingrid Fernandes said on behalf of the trustee, said that “by increasing certainty around the charity’s future pension obligations and strengthening the long-term financial sustainability, [the transaction] supports our ability to focus on delivering our charitable mission”.
The RHS finances gardens, scientific research and educational programmes.
Beatrice Male, bulk purchase annuity origination lead at Royal London, emphasised the history of both organisations, adding: “That shared perspective was clear from our first engagement with the trustees and helped us deliver a bespoke solution to meet their objectives.”
The scheme’s trustees were advised by consultancy XPS Group and law firm Stephenson Harwood.
XPS partner Ash Williams said the scheme secured a competitive price. He added: “The scheme had a number of complexities to consider but the collaborative work of the trustees, the RHS and the advisory team has led to an excellent outcome with an insurer that puts customer service first, which was one of the key criteria for the trustees.”
Earlier this week, Pension Insurance Corporation announced it had won an £83m buy-in with the Royal Society of Chemistry Pension Scheme, insuring the benefits of all 468 scheme members. The trustee board, which includes Alison Bostock at Zedra Governance, was advised by LCP.
