WCF, a diversified services provider, has insured deferred members of its defined benefit pension scheme through a £7.2m buy-in with Legal & General (L&G).
The deal covers 122 deferred members of the WCF Ltd Staff Retirement Benefits Scheme, and was completed in less than five months, according to lead adviser Gallagher.
BESTrustees is the scheme’s professional trustee, while Eversheds Sutherland provided legal advice. Gallagher also provided actuarial services and advised on investment and administration.
BESTrustees’ Ann Rigby said the trustee board had worked closely with its advisers and the sponsoring employer to achieve the buy-in, and described the process as “a case study for the value of close collaboration”.
Eversheds Sutherland’s Amanda Small, legal adviser to the trustee board, added: “We are delighted to have supported the trustee board on this fast-paced and streamlined transaction. This buy-in demonstrates that, in an increasingly busy bulk annuity market, using insurer standard terms and working collaboratively with all parties can deliver excellent outcomes for the scheme, trustees, employer sponsor and members.”
Jo Ritzema, executive chair at WCF, said: “We have worked collaboratively with the professional trustee and advisers from Gallagher for many years to reach this successful outcome for scheme members.
“Having a shared goal of protecting members’ long-term benefits, transferring the risk to an established and reputable insurer like L&G, provides the long-term financial stability that an employee-owned business like WCF strives for and improves the security of individual member benefits.”
WCF owns businesses operating in a variety of industries, from leisure and pet supplies to logistics and oil services.
