On the go: The Selecta UK Pension Plan has completed a £250m full buy-in with Legal & General Assurance.
The buy-in secures the benefit payments of approximately 1,000 pensioners and 1,000 deferred members of the coffee and vending machine operator’s pension fund.
The scheme has an existing relationship with L&G as Legal & General Investment Management has been a manager for the scheme since 1992.
This enabled an extremely smooth asset transfer with L&G being able to lock the plan’s existing assets, which provided price certainty to the plan at an early stage of the buy-in process, the insurer said.
Hymans Robertson was the lead transaction adviser, and legal advice was provided to the trustee by Pinsent Masons and to L&G by Macfarlanes. The sponsor was advised by PwC.
Dinesh Visavadia, director at Independent Trustee Services and trustee of the plan, said: “This buy-in is the culmination of a long journey of incremental derisking steps to improve the security of the plan.”
He continued: “Hymans Robertson identified a market opportunity and helped us move quickly to take advantage of it through a well-run process, securing excellent terms with L&G and significantly improving security for our members.”
This article originally appeared on MandateWire.com
