Kesslers Group has agreed to a £21 million full scheme buy-in with Legal and General Assurance Society for its pension plan.
The transaction, signed in June, has secured the benefits of 240 employees of the on-site manufacturer, including including a mix of deferred and pensioner members.
Pensions administration and trustee consulting service Broadstone gave advice to the trustees throughout the transaction, alongside professional services consultancy Barnett Waddingham, which provided investment advice, and law firm Shoosmiths, which provided legal advice to the trustees.
Charles Kessler, chairman and trustee at Kessler Group, said: “Our staff, past, present and future, have been key to our success as a family business. The opportunity for us to secure the plan’s benefits with an insurer is a great step forward, and we are delighted to have completed this deal with Legal and General.
“We have been particularly impressed with the speed of agreement for the annuity contract, which was achieved in under three months. This is a testament to Broadstone working closely with Legal and General and our other advisors to focus on transacting as smoothly as possible.”
Beatrice Male, client solutions director at Legal and General, added: “We are delighted to have agreed this transaction with the trustees, as a result of our close and efficient collaboration. We look forward to building on our partnership with the trustees, while providing further security to the pension scheme members.”
Nigel Jones, director of consultancy and actuarial at Broadstone, said: “As many schemes note an improving buy-out funding position and are preparing for the market through our insure process, it is particularly pleasing that we achieved an excellent result for a scheme that had unexpectedly been able to approach the insurance market at short notice.”