On the go: The £9.4m Atkinson Northern Limited Retirement Benefits Scheme has secured an £8m buy-in with Legal & General Assurance Society.
The deal covers the benefits of 45 members of the scheme, sponsored by builders’ merchant JT Atkinson.
According to a statement, L&G locked in its price entirely to scheme assets in exclusivity, which “provides certainty for the trustees on the premium at the end of the exclusivity period and mitigates the risk of pricing diverging from the value of assets”.
Andrew Firbank, principal at Pan Trustees and chair of scheme’s trustee board, noted that “getting better security for members and removing risk from the company has been a vital aim of the trustees and company for many years”.
He said: “Over the past 18 months significant work has been undertaken to get the scheme investments and data into the best possible shape and this has made the transaction affordable and efficient, and we are delighted to have achieved such a good outcome for our members.”
Advice to the trustees was given by XPS, while legal advice was provided by Neon Legal.
As part of the transaction, L&G will also take on the responsibility for payroll of the scheme’s members by October 2021.
This article originally appeared on MandateWire.com
