K3 Advisory was appointed as risk transfer adviser to the Scheme in December 2025, with the transaction completing within six months of appointment. The buy-in secured the benefits of 24 deferred members and 59 pensioners and dependant pensioners.
The transaction attracted strong insurer interest despite high activity levels across the bulk annuity market. Just’s pricing and flexibility enabled the Trustee to move quickly to secure members’ benefits. The buy-in marks a significant milestone for the Scheme, providing long-term security for members’ benefits and the Scheme was in surplus at the point of transaction.
Capital Cranfield acted as Professional Corporate Sole Trustee to the Scheme. Capita acted as scheme actuary, investment adviser and administrator, Stephenson Harwood provided legal advice, and Argyll Covenant acted as insurer covenant adviser.
Thomas Crawshaw, Senior Actuarial Consultant at K3 Advisory, part of Isio, said: “Completing this transaction within six months of our appointment demonstrates how smaller schemes can achieve efficient and successful outcomes in a busy market. With a focused process and strong insurer engagement, the Trustee was able to move quickly to secure members’ benefits with Just.”
Richard Williams, Professional Trustee at Capital Cranfield, commented: “The successful completion of this buy-in reflects the value of a well-coordinated and efficient approach between the Trustee and advisers. Despite a highly active market, the Scheme was able to secure members’ benefits with a competitive insurer solution and move quickly to complete the transaction.”
Mark Draisey, Finance Director of CIPS, commented: “We are pleased to have completed this transaction for the Scheme and its members. The buy-in provides long-term security for members’ benefits and demonstrates the positive outcome that can be achieved through strong collaboration between all parties involved.
Rajan Hothi, Deal Manager at Just Group, commented: “Having been monitored on our pricing platform, Beacon, this transaction was supported by clear pricing visibility from the outset. Working in close partnership with the Trustee and their advisers, we are pleased to have delivered a solution that supports the Scheme’s long-term objectives and will achieve a great outcome for members.”
|
