Askews and Holt Library Services completes £11m pensions buy-in

Askews and Holt Library Services has completed an £11 million pensions buy-in deal.

The transaction with Legal and General, which was made possible by a discretionary one-off contribution from the employer, covers 64 pensioners and 22 deferred members. The scheme will now proceed to a full buy-in 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.

Darren Howarth, trustee at Align Pensions, said: “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 and General to secure their benefits.”

Celia Monteiro, director, pension risk transfer at Legal and General, added: “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 and General’s streamlined proposition to ensure a seamless and straightforward transaction, including the transfer of its Legal and General Investment Management (LGIM) assets. We look forward to continuing to support the scheme and its members going forwards.”

Mark Channon, senior actuarial director and deal lead at Broadstone, said: “This transaction is the culmination of significant work by the trustees and advisors so it is really pleasing to have completed the deal.”