Food manufacturer Walkers Shortbread has completed a £34 million pensions buy-in.
The scheme is a client of Legal and General’s asset management division, which has invested and managed the scheme’s assets. The transaction secures the benefits of 161 retirees and 238 deferred members.
The trustees were provided with immediately transactable pricing locked to the value of the scheme’s assets, so that they could quickly complete the transaction. Barnett Waddingham served as an advisor to the trustees, while Pinsent Masons provided legal advice.
Mike Kennedy, director at ProPensions, chair of the trustee board, said: “This was a textbook transaction that showed the benefits of getting the preparation stages right. From deciding to proceed with a transaction, the trustees, advisers, and employer worked closely over the next few months to get the scheme buy-in ready. Through Barnett Waddingham’s ongoing engagement with Legal and General, we identified an opportunity to transact sooner than planned. We were able to take advantage of that opportunity and secure a fantastic outcome for the scheme members and the sponsoring employer.”
Adam Walker, risk transfer partner, and Euan Sunderland, risk transfer consultant at Barnett Waddingham, added: “The scheme was well prepared to capitalise on a timing opportunity and do a deal with the client’s preferred insurer. Our team’s thorough understanding of both Legal and General’s Flow solution and the scheme itself made this possible, along with Legal and General’s pro-activity and co-operation throughout. The willingness of the trustees and organisation to act quickly resulted in a great outcome for scheme members.”
