Professional services firm Grant Thornton has completed a £275 million bulk purchase annuity buy-in transaction for its pensions fund.
Royal London, which carried out the transaction, was one of nine insurers that submitted proposals for the buy-in.
The trustee and the insurance provider have developed a project plan for the fund’s buy-out, which will see its 2,200 members will become direct policyholders of Royal London.
Aon advised the trustee and the firm, Osborne Clarke advised the trustee and Royal London was advised by DLA Piper. Additionally, Barnett Waddingham and Cardano provided actuarial and investment advice to the trustee.
Carl Williams, chair of the Grant Thornton Pensions Fund Trustees, said: “This transaction is a fantastic outcome for our members. The very competitive process and the insights provided by Aon throughout, meant we really could weigh up all options, including non-price factors, and we are confident that our members will be well supported going forward. This transaction and the agreed timetable to move on to full buy-out reflects the strong support and collaborative engagement of all our advisors.”
Malcolm Gomersall, chief executive officer of Grant Thornton UK, added: “This transaction allows the firm to move forward with a focus on its own growth strategy, while knowing that the members of the fund are well looked after. As a challenger in our own marketplace, we are a firm believer in selecting partners on the basis of capability and willingness to partner in achieving a common goal.”
