K3 Advisory announce £9 million full buy-in
K3 Advisory, the pension market’s only specialist independent bulk annuity and consolidator advisory business, today announced the successful completion of a £9million full buy-in for a US-listed medical devices business. The deal, with Aviva, completed on 30 June and was for 79 deferred and 5 pensioner members.
K3 worked in partnership with Cartwright, who provided scheme actuarial, general consulting services and administration, together with the sole trustee and their legal advisor.
Thomas Crawshaw, Senior Actuarial Consultant and transaction lead at K3 Advisory, commented: Our objective at K3 has always been to support smaller schemes, helping them to get traction in a very busy insurance market. By working with Cartwright to ensure that the scheme was “transaction ready” we managed to secure two insurance quotes. The pricing for both was realistic and competitive, which enabled us to secure the members’ benefits at no additional cost to the employer. Historically these kinds of deals have only been accessible to much larger schemes, so to achieve this result for a scheme of this size is very satisfying.”
Tony Grist, Director at Cartwright commented: “We have worked with the Trustee for some time, and in 2018 they secured a buy-in for the pensioners at that time. The US-based parent then agreed to continue with regular contributions to the Scheme with a view to moving towards the buy-in of the remaining members. In January this year additional cash was made available by the US parent if needed. However, having already prepared the scheme, we were able to move quickly and lock in the market gains and competitive insurance pricing at that time, thus securing the benefits at no additional cash cost to the employer. A great result and a clear win for the members, the Trustee and the Sponsor.”
Note to editors:
About K3 Advisory
K3 Advisory, 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 bro kering 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 al l involved. The business is backed by the Vestey Holdings Group, a fourth -generation family business whose origin date back to the 1890s.
See K3 Advisory for more information.
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