The trustees of the Credit Commercial de France – London Branch Pension and Life Assurance Scheme, sponsored by HSBC Bank, have completed a £10m pension scheme buy-in transaction with Royal London.
“This buy-in is an important step in securing the future sustainable payment of members’ benefits. The Trustees were particularly pleased with the collaborative and well-coordinated approach taken throughout the transaction, including the work undertaken to improve and prepare the scheme’s data ahead of the insurer process. We would like to thank our advisers and Royal London for their support in delivering a successful outcome for members,” said Allan Marchant, Trustee representative.
“Partnering closely with the Trustees, HSBC Bank PLC and their advisers Isio meant that we could deliver an accelerated process whilst still tailoring the transaction around the needs of the trustee and sponsor. We take pride in bringing a flexible and client-led approach to all our trustee clients and this £10m transaction demonstrates that in action. We now look forward to continuing to showcase that to the trustees in the post-transaction phase,” added Tom Hill, BPA Origination Manager at Royal London.
Isio acted as lead adviser and transaction manager, trustee activity was headed by Entrust, Mercer acted as scheme actuary and investment adviser, while Osborne Clarke provided legal advice to the trustees and sponsor.
“We are delighted to have supported the Trustees and sponsor in completing this transaction. A key feature of the process was Royal London’s ability to provide a competitive quotation efficiently through its Accelerator benefit and data template, enabling the scheme to move quickly when market opportunities arose. Combined with the focused data preparation work, this helped deliver a smooth and well-controlled transaction for all parties,” said Thomas Ridley, Senior Manager at Isio.
