The DAC Retirement Benefits Scheme, sponsored by DAC Beachcroft LLP, an international law business, has secured a £11m full scheme buy-in with Aviva.
The transaction, which included a top-up contribution from the sponsor, secures the benefits of all 15 deferred members and 25 pensioner members and completes the buy-in of all scheme liabilities.
“The Trustees were keen to secure the liabilities with an insurer and, after considering the options available, were keen to work exclusively with Aviva through the process. The Trustees were grateful for the Sponsor’s support in the process, ensuring the transaction could proceed smoothly and at a cost that was acceptable. Broadstone’s support and advice was greatly appreciated and the speed with which we navigated through to signing was a testament to Broadstone and all our advisers,” said David Hertzell, Chair of Trustees.
“It’s great to be chosen as an exclusive partner, especially when receiving such a well-prepared Scheme – something that reflects Broadstone’s thorough approach. The Clarity service is perfectly suited to schemes like this, enabling us to work quickly to provide a transactable quote. We look forward to supporting the Trustees through the next stages of the Scheme’s journey,” added Andrew Shaposhnikov, Deal Manager at Aviva.
Broadstone provided annuity broking advice, adding to their existing appointment for scheme actuary, administration and investment consultancy services. Legal advice was provided to the trustees by Pinsent Masons.
“I am really pleased to have completed this transaction less than six months after being instructed by the Trustees and Sponsor. The speed at which the Scheme was prepared showed the value of the collaborative approach between the administrators and advisers at Broadstone, Pinsent Masons and the engagement of the Trustees and Sponsor. The Clarity service provided by Aviva worked seamlessly in delivering a quote just two weeks after submitting the details while still allowing enough flexibility to accommodate some non-standard aspects,” said Mark Channon, Deal Lead at Broadstone.