The Premdor Crosby Pension Plan has completed a £16m bulk purchase annuity buy-in with Royal London.
This buy-in, which covers 181 members, is the first that Royal London has completed with BESTrustees as Chair of Trustees, and also with WTW on a scheme that is not one of their own staff pension arrangements.
“It has been an absolute pleasure to have led the Trustees through this transaction. From the initial contact with Royal London and all through the process, the Royal London team have been excellent to deal with – responsive, accessible, pragmatic and innovative in their approach to helping the Trustees get the deal over the line. The Trustees’ adviser team worked extremely well together to ensure a smooth transaction. I look forward to the next phase which has got off to a good start,” said Rachel Tranter of BESTrustees.
“The Royal London team are excited to announce this transaction with the Premdor Crosby Pension Plan. We’ve been working in close collaboration with the Trustees and their advisers in recent months to design and implement a tailored solution, which includes our first use of a deferred premium structure,” said Victoria Smith, BPA Origination Manager at Royal London.
“We’re looking forward to impressing the trustees and their members with our mutual-led delivery over the decades ahead.”
The Trustees were advised by WTW and Pinsent Masons under a sole insurer quote process. Royal London was advised by Hogan Lovells.
“We’re delighted to have advised the Trustees on this transaction. The scheme’s success was driven by strong collaboration and clear communication across all parties. A key feature of the transaction was the tailored deferred premium structure. Royal London agreeing such an approach for a smaller pension scheme is especially valuable as it enabled early execution whilst preserving liquidity and delivering certainty for both Trustees and members,” said Tom Ashworth, Risk Transfer Director at WTW.