K3 Advisory completes largest transaction to date

K3 Advisory completes largest transaction to date

K3 Advisory completes largest transaction to date 560 420 K3 Advisory


K3 Advisory, the pension market’s only specialist independent bulk annuity and consolidator advisory business, today announced the completion of a £74 million pensioner buy-in for the UK pension scheme of a US listed engineering business. This is K3’s largest transaction to date and completed entirely since the start of the pandemic.

Adam Davis, Managing Director of K3 Advisory, commented: “Despite the challenges of coronavirus and lockdown the bulk annuity market for small and medium schemes has continued to grow. K3 led the broking process, and through our streamlined process managed to secure quotations from six insurers; a record for K3. Because of Cartwright’s preparation of the scheme and being able to transact in this period, the scheme took advantage of favourable market conditions and traded well ahead of standard market pricing. Just Group provided the best solution, which had a positive impact on the funding position of the £170m scheme, whilst materially reducing the risks the Scheme faced. A great result for the Trustees, company and members.”

Sam Roberts, Director of Investment Consulting at Cartwright, commented: “Over the last year, with support from Adam and the K3 team, we worked hard to make sure that the scheme was ‘transaction ready’; reviewing, clarifying and updating the scheme benefits, data and investments. This meant that we were quickly able to take advantage of the beneficial pricing opportunities arising from the effects of coronavirus on the markets and successfully help our client secure their pensioner liabilities at a great price, knowing this was consistent with the Trustees’ overall long term strategic plan. This is the first transaction we have completed working with K3 and I look forward to achieving similarly positive outcomes for more of our clients in the future.”

The Chair of the Trustees commented: “The Trustee board was provided with clear support, direction and guidance from the start and throughout this transaction. The drive and determination of the organisations involved was clearly evident as they helped us achieve our ambitions of de-risking the scheme with a beneficial effect on the scheme’s funding position.”

Peter Jennings, Business Development Manager at Just Group, commented: “Having worked with K3 on several successful deals this year, we know that the schemes they bring to market are transaction ready and come with a well-developed execution plan. These two factors are attractive to insurers and we are delighted to have assisted the Trustees and provide more certainty for their members.”

The scheme was advised by Cartwright, Shoosmiths and Lincoln Pensions while Just Group was advised by Pinsent Masons. The transaction itself was led by Cartwright, who partner with K3 to enable their clients to get better access to the bulk annuity market. K3 led on the interaction with insurers.

K3 Advisory – Notes

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 by Adam Davis 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 origin date back to the 1890s.

See www.k3advisory.com for more information.

About Just

Just (Just Group plc) is a FTSE-listed specialist UK financial services company.

A leader in the individual retirement income, care and defined benefit de-risking markets. We have completed over 200 transactions, including more than 45 buy-outs and repeat transactions with over 20 schemes, since we launched our defined benefit de-risking proposition in 2012. Just has been trusted to manage £23 billion of customers’ retirement savings and has helped customers release over £5.2 billion from their properties. Just provides a wide range of products, advice and professional services to individual customers, financial intermediaries, corporate clients and pension scheme trustees.

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