Research and product development firm Armfield has completed a £7 million buy-in transaction for the Armfield pension and life assurance scheme.
The transaction for the scheme secured the benefits for 24 pensioners and 15 deferred members. Bulk annuity and consolidator advisory business K3 Advisory carried out the transaction in partnership with actuary and consultant Cartwright.
Just Group insured the scheme, while Cartwright provided actuarial, administration, and investment advice. HCR Hewitson acted as legal advisors and Bradley Ormsby served as the chair of trustees for the transaction.
The chair of trustees said: “With a small scheme of fewer than 50 members, once the trustees had assured us that long-term member interests would be completely protected, affordable pricing became our initial concern. Working with K3 Advisory and Cartwright, backed by their expert investment advice, seamless administration, and sound actuarial decisions, they ensured the members’ benefits were secured affordably and efficiently. Their dedication and professionalism were evident throughout the entire process.”
Sam Roberts, director of investment consulting at Cartwright, added: “Working with K3 Advisory on this project, we have demonstrated again that tailored advice, thoughtful planning and preparation, and using the latest best ideas and processes, delivers security and value for money for the scheme. In a crowded and competitive bulk annuity market, our collaborative efforts ensured we could provide unique solutions tailored to the specific needs of the pension scheme.”
Kishan Radia, business development manager at Just Group, said: “By working in collaboration with K3 and Cartwright on this deal, we’ve been able to meet the needs of both the trustees and sponsor. This transaction is evidence of a vibrant bulk annuity market that’s working for schemes of all sizes.”
