K3 Advisory, the pension market’s only specialist independent bulk annuity and consolidator advisory business, and market leading end-game advisory business to the fiduciary management market, has successfully completed a £102 million full scheme buy-in for the Tennants Consolidated Limited Pension Scheme, with Royal London.
The transaction, which concluded in September 2024, secured the benefits of 463 pensioners and 241 deferred members. This marked Royal London’s second external transaction in the bulk annuity market with K3 since entering the market this year.
Gallagher acted as the scheme’s actuary, investment advisor, and administrator, Squire Patton Boggs provided legal advice and John Nestor of Capital Cranfield was Professional Trustee for the Scheme.
Adam Davis, Managing Director at K3 Advisory, commented: “This transaction had several complexities, from dealing with illiquid assets to managing specific benefit and payroll requirements. Our team worked closely with the trustees and Royal London to resolve these challenges efficiently, ensuring the buy-in was completed smoothly and aligned with the scheme’s objectives. This deal really highlights the importance of having the right expertise to navigate the more complex elements that come up with transactions, and working with the right partners to ensure you can still deliver the right result for the scheme in a timely and cost-efficient way.”
John Nestor, Professional Trustee at Capital Cranfield Trustees and Chair of Trustees added: “K3 Advisory played a pivotal role in guiding us through this complex process. Their expert understanding of the challenges we faced, combined with their collaborative approach, meant we could confidently secure a positive outcome for our members. Their experience in managing the unusual complexities of this transaction was crucial to its success.”
Baljit Khatra, BPA Origination Lead at Royal London, said: “This transaction demonstrates the depth and breadth of our execution and operational capability and our ability, even at this early stage in our journey, to innovate and deliver client-led bespoke solutions. Working very closely with the team at K3 and the trustee was paramount in forging a path that met the needs of the trustees, Tennants, and crucially, all members of the scheme.”
Sean Sloan, Chief Financial Officer at Tennants Consolidated: “This was a significant transaction for the Group and one we will not repeat. As such it was important that we found the right home for our scheme – one that was aligned to our business culture and gave our valued members a secure future. With K3’s detailed knowledge of the market they were able to introduce us to Royal London who are the perfect fit for our us. I’m delighted to have worked with K3 and Royal London on this transaction.”
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