Building materials supplier Rawle Gammon and Baker has completed a £23 million full buy-in for its pension scheme, sponsored by commercial property sector business FTI Property.
The transaction with K3 Advisory and Just Group secures the benefits of 113 deferred members and 154 pensioners. It was supported by K3’s strategic partner, In-Vest and Retire, which is investment advisor for the trustees, and WPS Trustee governance services.
First Actuarial provided administration and ongoing actuarial advice to the trustees, while Eversheds Sutherland acted as legal advisers.
Paul Turner, chair of the trustees, said: “The support and advice received from WPS, In-Vest and Retire and K3 took the trustees from having the initial idea of a buy-in, through development and management of the project plan and all the way up to completion of the transaction.”
Mark Foster, managing director at In-Vest and Retire, added: “This transaction highlights the importance of managing investments in a buy-out aware way, then follow with proactive monitoring and preparation. The buy-in market has become increasingly busy over the last few years, with more schemes looking to de-risk and secure their members’ benefits. By working closely with the trustees and K3 Advisory, we were able to leverage favourable pricing. Together, we were able to secure an excellent outcome for the scheme members in a remarkably short timeframe.”
