Moog, a motion control solutions supplier, has completed a £25 million pensions buy-in for its retirement benefits plan.
The buy-in transaction, which was completed in partnership with Just Group and Gallagher, secures the benefits of 28 deferred members and 139 current pensioner members.
Gallagher worked with the trustees to monitor the affordability of a potential buy-in and was appointed as risk transfer brokers for the transaction in 2022, when it established a joint working group between the trustees and the sponsor to manage the buy-in.
In June, the trustees signed the contract and entered into the final policy agreement. Open Trustees acted as the plan’s independent trustee and Osborne Clarke acted as legal advisers.
Jonathan Hazlett, managing director at Open Trustees, said: “We’ve worked very closely in recent years with our fellow trustees, Moog Controls and Gallagher to get the plan buy-out ready. We’re really pleased to have secured plan members’ benefits in full with Just Group at a competitive price in a busy market in short timescales. This transaction is evidence of the great value associated with working collaboratively with a sponsor, advisers and an insurer on an exclusive basis to secure members’ pensions for the future.”
Mark van den Berghen, head of risk transfer at Gallagher, added: “We are delighted to have worked with the plan’s trustees in collaborating to achieve a favourable outcome for the scheme members. All parties were committed to values of open communication, innovation, and flexibility which meant we were able to move at pace to conclude the transaction at such a busy time of year.”
Alma Goyanes-Payne, deal manager at Just Group, said: “We are proud to have secured the benefits for the plan’s members in a transaction that was enabled by our bulk quotation and monitoring service, Beacon. The completion of another buy-in reflects our continuing relationship with Gallagher and shows that a collaborative approach can deliver deals for schemes of all sizes in a busy and buoyant market.”
