On the go: The TT Group (1993) Pension Scheme has completed a £400mn buy-in with Legal & General, securing the benefits of around 5,000 retirees and deferred members.
The scheme sponsor, electronic technologies provider TT Electronics, worked with the trustees for several years to prepare the scheme in securing the benefits with an insurer. This allowed the trustee to move quickly and use “favourable market movements” to its advantage, a statement from L&G read.
TT’s chief financial officer, Mark Hoad, noted that this work “has meant the scheme can now be fully derisked for the benefit of members and the group”.
Chair of the trustee board Paul Felbeck also pointed to the work that has taken place to improve the scheme’s funding position.
He said: “The scheme’s journey over many years from significant deficit to buy-in has been made possible with the financial support and collaboration of TT and its senior management, the invaluable services of the trustee’s advisers – financial, actuarial, legal and secretarial – who all deserve great credit for their professionalism, dedication and positive impact, along with the diligent hard work of my fellow trustee directors, past and present.”
TT Electronics and the scheme trustees were advised by Mercer. The trustees were also advised by Schroders Solutions and Mayer Brown. Eversheds provided legal advice to L&G.
This article first appeared on MandateWire.com
