Mabey Pension Scheme, has around 1,000 members who are or were employed by the Mabey Group of engineering companies.
Mabey Holdings said it had completed a £94m full scheme buy-in to secure the retirement benefits of its members with Just Group.
Isio provided strategic advice to Mabey Holdings, using its bulk annuity broking platform Opportune to source Just Group as being able to hit the price within the desired timeframe.
Isio said it also advised Zedra Governance, the scheme’s trustee, on the buy-in and transition of assets from the scheme to Just Group.
Mabey Holdings is a British-based group of engineering companies, which specialises in steel fabrication, plant hire and construction products.
Legal advice was provided to the trustee by were the scheme actuary and administrators of the scheme.
Kate Beauchamp, chief executive of Mabey Holdings, said: “Mabey Holdings has always taken its responsibilities as a DB scheme sponsor extremely seriously and we are delighted, having worked very closely with Isio, the scheme trustee and wider advisory team, to see this important project successfully delivered."
Alison Bostock, director of Zedra Governance and scheme trustee, added: ”We are very pleased to have secured the buy-in for members, demonstrating how as sole trustee we were able to work pragmatically, collaboratively, and efficiently with Mabey Holdings and our adviser team. Our thanks go to all our advisers for helping us to make this happen.”
Isio’s David Costello, risk management specialist who advised Mabey Holdings and Zedra Governance also added:“We are delighted to have facilitated this efficient transaction which is reflective of our approach to prioritise insurer focused preparation and all-party engagement. This deal shows that by outlining success criteria up front, all parties can work collaboratively and with pace to achieve the desired results.”
Kishan Radia, DB business development manager at Just Group, said it was clear from the outset that the scheme was well-prepared and transaction-ready. "We were able to complete this deal within circa three months of first engaging with the scheme. Isio’s Opportune platform gave us early sight of the scheme’s data and price target, which allowed us to prioritise and participate in a resource-efficient way.”
