The Hartwells Pension Plan (1971) has completed a bulk purchase annuity transaction with Just Group. The £160m full-scheme buy-in secures the benefits of all 2,361 members (1,689 pensioners and 672 deferred).
Full scheme data was provided in November and the transaction completed in early February.
“Hartwells and the trustees have a long history of close collaboration and achieving this risk transfer was the culmination. Having a sponsor that was engaged with exploring all risk transfer options, as well as funding the transaction, achieved a really positive outcome for the plan and its members. We worked closely with advisers and our end game expertise coupled with great engagement from Just delivered a result that all stakeholders were happy with,” said Kevin Kenneally, Client Director at Vidett.
“This transaction highlights the importance of early affordability testing and decisive execution. By leveraging Beacon to provide quick, no-cost indicative pricing, we were able to give the trustees confidence that a full insurance solution was achievable, and that they could secure all of their members’ benefits,” added Kishan Radia, Business Development Manager at Just.
“In situations where covenant concerns and corporate timelines are aligned, speed and collaboration are critical. We are pleased to support the Hartwells Pension Plan (1971) on its journey to full buy-out and to deliver long-term security for its members.”
The scheme was advised by Isio (risk broking), Aon (scheme actuary), LCP (investment adviser), CMS (legal adviser), MUFG (administrator) and Vidett (professional independent trustee).
“Having advised Hartwell for a number of years, it was great to support the Trustees and Company through this transaction. By combining our understanding of the Scheme’s objectives with Just’s innovative Beacon platform, we were able to accelerate affordability assessments and secure a solution that not only safeguards members’ benefits but also aligns with Hartwell’s strategic de-risking goals,” said Laura Parker, Senior Manager at Isio.
