K3 Advisory announce £53m buyout

K3 Advisory announce £53m buyout

K3 Advisory announce £53m buyout 560 420 K3 Advisory

K3 Advisory announces £53 million buyout

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, today announced a £53 million buy-out covering 235 pensioners and 163 deferred members.

The deal was for a manufacturing business. Actuarial advice was provided by Quantum LLP and legal advice by DLA Piper. The trustee board was chaired by, professional independent trustee, John Nestor of Capital Cranfield.

Adam Davis, Managing Director at K3 commented: “What was particularly pleasing about this transaction was the level of insurer interest. Five out of the eight main insurers chose to bid, with Standard Life eventually winning out. This level of interest would not have been achieved just a few years ago. Then, small schemes were routinely overlooked and locked out of transacting due to their size. Now, due to the hard work and tireless innovation of the team, we are regularly bringing together insurers and small schemes in a way that works for everyone. Smaller schemes, even as small as one million, are now drawing lots of attention from, and becoming very attractive to, insurers.

“2023 is widely predicted to be a record year for the buyout market. Our rough estimate shows that around 3,000 schemes in the UK might be getting close to a buyout position – that is about 60%. So, if you are a scheme of £1m, £53m or considerably bigger, the same rules apply – get ready!”

Matt Richards, Senior Business Development Manager at Standard Life, part of Phoenix Group, commented: “Our focus is always on ensuring good outcomes for both the pension scheme and its members, regardless of size. In this case, by working closely with the Plan’s Trustees and taking advantage of favourable pricing conditions, we are pleased to have secured the benefits for 398 members. We are currently seeing a trend towards more full scheme buy-ins as a result of stronger funding positions, and this is something we expect to see more of as the year progresses.”

Note to editors:

About K3 Advisory

K3 Advisory is the pension market’s only specialist independent bulk annuity and consolidator advisory business. Using first-hand experience from both the insurance and pensions sectors, K3 Advisory provides trustees and scheme sponsors with advice and brokering services to secure a smooth and effective transfer of liabilities to an insurer or consolidation vehicle.

The business was founded in 2018 with the aim of improving the efficiency of the bulk annuity and consolidation markets for the benefit of all involved. The business is backed by the Vestey Holdings Group, a fourth-generation family business whose origins date back to the 1890s.

See K3 Advisory for more information.

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