On the go: The Ridgeon Group Pension and Life Assurance Scheme has completed a £50m buyout with Legal & General. Buck Consultants advised on the deal.
The transaction secures the benefits of approximately 230 pensioners and 300 deferred scheme members.
David Broadbent, scheme actuary at Buck and lead adviser on the transaction, explained that the transaction was made possible because additional capital was provided by the original owners of the sponsoring company.
Ian Northen, director at Ridgeon Group, commented: “The company is delighted that the buyout has been secured for the benefit of the members.”
Along with Buck, Ridgeon Group’s trustees were advised on the deal by Eversheds Sutherland, Mills & Reeve and L&G Retirement Institutional.
Michael Symons, chair of trustees, revealed that Buck has been adviser to the scheme since 1980, and that the company was “a major factor” in enabling the completion of the transaction.
Prior to the buyout, the scheme’s strategic asset allocation stood at 100 per cent cash, handled by Legal & General Investment Management.
The scheme also had a buy-in policy with L&G.
This article originally appeared on MandateWire.com
