K3 Advisory, part of Isio, has successfully led a full scheme buy-in with Just Group, of £3.8 million for a pension scheme in the aviation industry. PAN Trustees were the Sole Trustee purchasing the policy, taking legal advice from Burges Salmon, with administration, consulting, actuarial and investment advice from Cartwright.
The scheme was in surplus and the buy-in secures the benefits of all members – excluding those already covered by existing annuity policies with other providers. The process involved navigating the complexity of some pensioners having partial benefits already insured, requiring robust project management and close collaboration between K3, Cartwright, PAN Trustees, Burges Salmon and Just Group. Despite these challenges, the transaction was successfully completed within a six-month timeframe.
Just Group, working alongside K3 Advisory, secured competitive pricing and aligned timings for a formal quotation, ensuring the transaction could be completed within the deadline.
PAN Trustees, Lynne Stewart, added: “Securing a binding quote and completing the buy-in transaction swiftly and efficiently was a significant achievement for all parties involved. A key factor in this success was the proactive approach to resolving data issues as they emerged – challenges were identified early, addressed collaboratively, and resolved quickly. It was a genuine pleasure to work in such a solutions-focused partnership, knowing that our efforts were contributing to greater long-term security for members.”
John Mayer, Senior Actuarial Consultant at K3 said: “We’re delighted to have played a part in successfully completing this buy-in. The transaction highlights the value of early planning, strong stakeholder engagement and the expertise required to deliver secure outcomes for smaller schemes, even when navigating existing annuity arrangements.”
Sam Roberts, Director of Investment Consulting at Cartwright, commented: “We took over the Scheme with a clear instruction to secure a buy-in within a relatively short timeframe. There were some legacy complexities to navigate, alongside challenges presented where a sizeable number of the members had existing annuities, but we were very pleased to secure a binding quote within five months of starting and transact within six – an extremely strong outcome. Through careful project management both internally and through close collaboration between advisers and trustees we were able to navigate all challenges and achieve a strong, streamlined and timely outcome for the Scheme and members.”
Alma Goyanes-Payne, Deal Manager at Just Group commented, “We are proud to have helped secure these members’ benefits and this transaction shows that the market is working well and smaller schemes can achieve their de-risking objectives. Just is committed to helping schemes of all sizes and delivering an excellent member experience.”
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