Logistics and international distribution solutions firm Seabourne Holdings has agreed a full buy-in for its pension scheme.
Seabourne first joined TPT Retirement Solutions’ defined benefit (DB) master trust back in December 2019.
Verity Trustees, the trustee of Seabourne’s pension scheme, signed the buy-in deal as part of its ongoing commitment to secure the long-term future of its members’ pension benefits. The covenant relationship with the sponsor remains in place. The future liabilities of the scheme have now been passed to Just Group, who will guarantee all future retirement payments going forward.
The trustee chose Just Group for the transaction and used a strong governance framework to oversee its buy-in preparation. It also had access to a competitive insurer selection process to leverage its buying power.
TPT Investment Management provided fiduciary management, actuarial, covenant, administration, accounting, and trustee services.
Nigel Hudson, financial director at Seabourne Holdings, said: “We moved to TPT in 2019 in order to address and resolve the future of our final salary scheme. With a prospect of improved investment returns through access to larger funds with TPT, they also provided us with a plan to exit the scheme which they have diligently followed enabling us now to reach a solution which meets our needs.”
Nicholas Clapp, chief commercial officer at TPT Retirement Solutions, added: “We’ve seen a substantial uptick in demand for consolidation over the past year. We’re delighted to have supported Seabourne in its own journey. It’s brilliant to see that our support over the past five years has led to a tangible outcome which adds value for both the business and scheme members.”
Ross Breckon, business development manager at Just Group, said: “We were very pleased to complete this transaction to secure the benefits of the scheme’s members. Throughout the process, the level of preparation, governance and oversight by TPT shone through, which facilitated a smooth transaction when the scheme reached buy-in levels and demonstrating the continued strength of the market in delivering de-risking solutions for schemes of all sizes.”
