Apostolic Church has completed a £4 million full buy-in for its staff pension scheme.
The transaction secures the benefits of 51 pensioners and dependent pensioners, and 12 deferred members. Preparations included the successful merger of an unfunded top-up arrangement into the main scheme and a collaboration between trustees, sponsor, advisers and financial services firm Just Group to deliver a buy-in that secures benefits for all members across both arrangements.
The buy-in transaction was led by K3 Advisory, which is part of Isio, a provider of actuarial and consulting, pensions administration, investment advisory, employee reward and benefits, and wealth advisory services. It was appointed for its expertise in advising smaller schemes on complex risk settlement transactions.
JMW provided legal advice, actuarial advice was provided by Goddard Perry Actuarial, investment advice by Barker Tatham, and administration services by MUFG.
Geoff Bollands, chair of the trustees, said: “We are pleased to announce the completion of this buy-in. Achieving this result required a strong, cooperative effort between all parties. With K3’s guidance and the support of our advisers and insurer, we’ve delivered long-term security for all members of the scheme.”
Thomas Crawshaw, senior consultant and deal lead at K3, added: “We’re delighted to have supported the trustees in reaching this milestone. This buy-in is a great example of what can be achieved through early planning, alignment of stakeholders and a proactive approach to risk settlement, particularly for smaller schemes navigating complex structures.”
