The transaction was led by K3 Advisory, with PAN Trustees serving as the sole trustee for the policy purchase.
PAN Trustees, in its role as sole trustee for the scheme, received legal advice from Burges Salmon, and administration, consulting, actuarial and investment advice from Cartwright.
According to K3 Advisory, the scheme was in surplus and the process involved navigating the “complexity” of some pensioners having partial benefits already insured, which required “robust” project management and collaboration between all parties involved.
Despite these challenges, the transaction was completed within six months with competitive pricing and coordinated timing for the formal quotation.
Commenting on the deal, PAN Trustees partner and deputy chair, Lynne Stewart, said that securing a binding quote and completing the buy-in transaction "swiftly and efficiently" was a “significant achievement” for all parties involved.
She explained that a key factor in the success was the “proactive approach” to resolving data issues as they emerged, as “challenges were identified early, addressed collaboratively, and resolved quickly”.
“It was a genuine pleasure to work in such a solutions-focused partnership, knowing that our efforts were contributing to greater long-term security for members,” she said.
Adding to this, Just Group deal manager, Alma Goyanes-Payne, commented: “We are proud to have helped secure these members’ benefits, and this transaction shows that the market is working well, and smaller schemes can achieve their de-risking objectives.”
K3 Advisory senior actuarial consultant, John Mayer, added: "The transaction highlights the value of early planning, strong stakeholder engagement and the expertise required to deliver secure outcomes for smaller schemes, even when navigating existing annuity arrangements," he said.
Building on this, Cartwright director of investment consulting, Sam Roberts, underscored the importance of clear objectives and careful coordination throughout the process: “We took over the scheme with a clear instruction to secure a buy-in within a relatively short timeframe.
“There were some legacy complexities to navigate, alongside challenges presented where a sizeable number of the members had existing annuities, but we were very pleased to secure a binding quote within five months of starting and transact within six – an extremely strong outcome.
“Through careful project management, both internally and through close collaboration between advisers and trustees, we were able to navigate all challenges and achieve a strong, streamlined and timely outcome for the scheme and members.”
Read more here: https://www.pensionsage.com/pa/Unnamed-pension-scheme-completes-3-8m-full-scheme-buy-in-with-Just-Group.php
