The John Turner Construction Group Ltd Staff Pension Scheme (the “Scheme”) has secured a full final salary pension scheme buy-in with Aviva.
The Scheme is sponsored by John Turner Construction Group Ltd (the “Sponsor”), which has a significant presence in the North West.
The deal secures the benefits of one pensioner and 18 deferred members and was completed in March 2024.
It was completed without the need for additional cash from the Sponsor. The Scheme will now proceed to full buy-out and wind-up.
Broadstone provided annuity broking as well as Scheme Actuary, administrative and investment services. Legal advice was provided by CMS.
George Whitaker, Scheme Actuary and Deal Lead at Broadstone, said: “It was really satisfying that we could provide all the services the Trustees needed to complete this transaction under one roof at Broadstone. Our tried-and-tested SM&RT Insure approach meant that we could take the Scheme from a standing start to transaction in six months which is a great achievement in this busy market. We are grateful that Aviva recognises that schemes of this size also need insurance solutions and the ability of streamlined processes to help transactions at the smaller end proceed.”
Michael Davies, Chair of Trustees, commented: “When we understood we could purchase a bulk annuity with our available assets, we knew we had to take advantage and approach the market as quickly as we could. We’re pleased that Aviva were able to quote for our business and that Broadstone prepared us so well to complete the transaction quickly. We can now be satisfied that our members will benefit from the additional security provided by the insurance contract and proceed to wind up the Scheme.”
Andrew Shaposhnikov, BPA Deal Manager at Aviva, added: “We’re pleased to be the provider that’s given long-running support to the scheme and look forward to working with Broadstone and the Trustees to complete the final steps in the scheme’s risk reduction journey. The scheme transacted through our new streamlined service, Aviva Clarity, which underlines our commitment to helping well-prepared schemes of all sizes, to secure member benefits via a simple, robust, and efficient process.”
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