The £31.2mn Barnett & Hall Holdings Pension Scheme has secured a circa £21mn buy-in with Legal & General Assurance Society ahead of a potential future buyout.
The deal, which completed in March 2022, secures the benefits of around 110 pension scheme members, of which 105 are non-pensioners.
It marks the scheme’s first pension risk transfer transaction with L&G, after having already secured several annuity policies with insurer Scottish Widows.
On October 8 2020, the scheme secured a buy-in deal with Scottish Widows covering a total of 151 scheme members. This was extended in February 2021 to include an additional 10 members.
In April 2021, a second annuity policy was signed with Scottish Widows, covering the same scheme members.
Chair of trustees Declan Billington commented: “We are delighted to secure this buy-in with L&G, meaning all scheme benefits are now covered by insurance contracts.
“The increased security means it is a great result for members, with the focused approach taken in collaboration with the company and advisers meaning we were able to engage with L&G in a busy market to provide us with a solution which met our objectives much sooner than expected.”
The trustees and L&G will now “continue to work closely together towards taking the scheme towards a potential future buyout”, he added.
PwC acted as lead transaction adviser, while Pinsent Masons provided legal advice to the trustee.
This article first appeared on MandateWire.com
