The Associated Board of the Royal Schools of Music Pension Scheme has completed a £35m bulk purchase annuity buy-in with PIC, securing the pensions of all 253 scheme members.
“Working closely and collaboratively with the charity we’re delighted to have completed this transaction with PIC, which fully secures our members’ benefits. Their long track record of excellence in customer service means we are confident that PIC is the right choice for our members. Our thanks to our advisors and administrators LCP, Gowling WLG, Sackers and Broadstone for their expertise and support through the transaction and selection process,” said John Bannister, Professional Trustee, representing Capital Cranfield Pension Trustees Limited the Trustee for the Associated Board of the Royal Schools of Music Pension Scheme.
“We are pleased we were able to strike the right chord with the Associated Board of the Royal Schools of Music Pension Scheme. The Trustees were focussed on the importance of customer service for their members, and we’re proud to have been selected on that basis,” said Joshua Lenz, Origination Actuary at PIC.
PIC were advised by CMS Cameron McKenna Nabarro Olswang. LCP were the lead transaction advisers for the trustee using the LCP streamlined buy-in service, which simplifies the buy-in process for smaller schemes through pre-agreed terms. Legal advice was provided to the trustee by Gowling WLG and Sackers.
“It was a pleasure to advise the Trustee on this transaction. The pension risk transfer market is highly competitive this year, and we were delighted to run this transaction which demonstrates that schemes of all sizes are able to secure attractive pricing when they are well-prepared and follow robust processes,” said Matthew Bleakley, Senior Consultant at LCP.
