Broadstone advises on L&G’s full buy-in for Askews Retirement Scheme
The Askews Retirement Scheme (“the Scheme”) has secured an £11 million full buy-in with Legal & General. The Scheme is sponsored by Askews & Holt Library Services Limited (“the Sponsor”).
The deal was completed in mid-October and satisfies the Sponsor and Trustees’ desire to secure the Scheme’s liabilities when this was affordable and was made possible following a one-off discretionary contribution from the Sponsor.
The transaction covers all members, comprising 64 pensioners and 22 deferred members and completes the buy-in of all Scheme liabilities. The Scheme will now proceed to full buy-out and wind-up.
Broadstone provided annuity broking as well as actuarial, investment consultancy and administrative services to the Trustees. Legal advice was provided by Osborne Clarke.
Mark Channon, Senior Actuarial Director and Deal Lead at Broadstone commented: “This transaction is the culmination of significant work by the Trustees and advisors so it is really pleasing to have completed the deal. Leveraging our SM&RT Insure process, we’re delighted to have helped the Trustees secure the member benefits at an affordable price for the Sponsor.”
Darren Howarth, Trustee, Align Pensions, commented: “I am pleased we have completed the deal in this exceptionally busy market, having only been appointed recently to assist the Trustees with this transaction. This deal was only possible due to the intense work completed, on a collaborative basis, between the Trustees, Sponsor and our advisors. We believe our members will be grateful for the efforts made by the Sponsor, Broadstone, Osborne Clarke and Legal & General to secure their benefits.”
Celia Monteiro, Director, Pension Risk Transfer at Legal & General, said: “We are pleased to have provided increased certainty for the Askews Retirement Scheme members. Through working with the Trustees on a sole insurer basis, the Scheme was able to adopt Legal & General’s streamlined proposition to ensure a seamless and straightforward transaction, including the transfer of its LGIM assets. We look forward to continuing to support the Scheme and its members going forwards.”
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