The Lowman Pension Scheme has completed a full scheme bulk purchase annuity buy-in with Legal & General, using L&G’s Flow solution for smaller pension schemes.
The transaction secures the full benefits of all 115 uninsured members, comprised of 52 deferred members and 63 members with pensions in payment, and completed in March.
“After two past buy-ins and a bulk transfer out of the defined contribution section, it is rewarding now to have secured the benefits of our remaining members. L&G was a natural partner to consider given they were already heavily involved in the scheme. We are grateful to Broadstone for the administration support and helping to secure a price that was well within the company’s reserve,” said Bruce Beacham, Chair of Trustees.
“This transaction demonstrates how our Flow proposition can deliver certainty, efficiency and smooth execution for schemes approaching their endgame. By novating the scheme’s existing L&G asset holdings, the buy-in price was directly aligned to those assets, effectively locking in pricing and giving trustees confidence in the outcome. The approach helps minimise costs, remove unnecessary market risk, and supports schemes in achieving a well-matched, efficient transition to securing positive outcomes for their members,” added Dominic Moret, Head of Origination and Execution, Institutional Retirement at L&G.
Broadstone advised the scheme.
“When we started discussing a potential buy-in last year, with the company setting aside funds to facilitate the transaction, it quickly became clear that dedicated and expert administration support was required. It is satisfying that Broadstone’s administration could deliver market-ready data so quickly and facilitate this transaction with L&G at pace,” said Chris Rice, Deal Lead and Head of Trustee Services at Broadstone.
