The Armfield Limited Pension and Life Assurance Scheme has completed a £7m bulk purchase annuity buy-in transaction with Just Group. The deal was completed in March and insures the benefits of 24 pensioners and 15 deferred members.
“With a small scheme of fewer than 50 members, once the trustees had assured us that long term member interests would be completely protected, affordable pricing became our initial concern. Working with K3 Advisory and Cartwright, backed by their expert investment advice, seamless administration, and sound actuarial decisions, they ensured the members’ benefits were secured affordably and efficiently. Their dedication and professionalism were evident throughout the entire process,” said Bradley Ormsby, Chair of Trustees (non-professional) for this transaction.
“We’re very pleased to have secured the benefits for all members of the Armfield Limited Pension and Life Assurance Pension Scheme. This deal used our innovative bulk quotation and price monitoring service, Beacon, and our streamlined transaction route. In a competitive market it’s important for small schemes to be well-prepared and by working in collaboration with K3 and Cartwright on this deal, we’ve been able to meet the needs of both the trustees and sponsor. This transaction is evidence of a vibrant bulk annuity market that’s working for schemes of all sizes,” said Kishan Radia, Business Development Manager at JUST Group.
K3 Advisory advised the scheme, and Cartwright provided actuarial, administration, and investment advice.
“We continue to see strong demand for our services from sub £10 million schemes as they look to seize opportunities and secure benefits for members. Our deep understanding of the unique challenges faced by schemes of this size, combined with our specialist expertise, means we are able to come up with interesting and innovative solutions that work in practice. In an increasingly competitive market, we’re proud to remain at the forefront, consistently leading the way in securing the best outcomes for our clients and their valued members,” said Thomas Crawshaw, Lead Adviser at K3 Advisory.
