On the go: The circa £11mn Cornish Mutual Assurance Company Staff Pension Scheme has agreed a buyout with Legal & General Assurance Society.
The deal was concluded in November 2021 and secures the benefits of more than 70 scheme members.
The scheme, sponsored by an insurance company that aims to protect the rural farming community in the South-West, was an existing client of the L&G Group, having appointed Legal & General Investment Management as its asset manager in 2015.
Dalriada Trustees developed and implemented a derisking strategy for the scheme — in collaboration with its advisers — with the goal to achieve buyout, while legal advice was provided by Eversheds.
Tiziana Perrella, professional trustee at Dalriada, argued that the deal “is a testament to how crucial a solid governance process is for successful transactions”.
She said: “We worked throughout the process in a collaborative way with both our advisers and L&G, and we’re pleased to have agreed a transaction which results in greater security for the scheme benefits and much reduced risk for the scheme and its sponsor.
“Transactions such as these evidence that great pricing is available within the bulk annuity market for schemes of all sizes, if appropriate preparation has been done in advance.”
This article originally appeared on MandateWire.com
