The Black Arrow Group Ltd Pension and Assurance Scheme has completed a £7m bulk purchase annuity buy-in with PIC. The deal covers all remaining members not previously insured and represents a further step in reducing risk for the Scheme.
“We’re pleased to have worked with the Sponsor and advisers to deliver a positive outcome for members. The transaction shows that, even in a busy market, it is possible for schemes of this size to engage constructively with insurers and secure improved long-term security for members’ benefits,” said Jon Sharp, Director at Birchmoor, Independent Trustee to the Scheme.
“This transaction has enabled the remaining liabilities of the Black Arrow Group scheme to be insured, helping to provide long-term security for members’ benefits. It demonstrates our continued commitment to working constructively with trustees and advisers across a wide range of scheme sizes,” added Deepash Amin, Head of New Business Strategy at PIC.
Isio has worked with the Scheme in an advisory capacity for over seven years and acted as lead adviser to the trustees throughout the insurance process.
“I’m really pleased we have been able to achieve this result for the Scheme – having worked very closely with the Trustees, Sponsor and other advisers over multiple years. This collaborative approach resulted in a timely transaction being agreed, providing further benefit security for Scheme members and reducing risk for the Scheme,” said Dan Sherratt, Director at Isio.
