The PJH Group Pension Scheme has completed a bulk purchase annuity buy-out with Utmost Life and Pensions.
As part of the conversion from buy-in to buy-out, Utmost Life and Pensions provided additional support to the trustee with GMP equalisation.
“To complete the transition from buy-in to buy-out within 18 months is a fantastic achievement and testament to the hard work and cooperation of all parties involved. As with all complex transactions, there were some challenges to overcome, but with a strong team of professional advisers, a pragmatic and helpful insurer, and not least a Sponsoring Employer that was willing to fully support the Trustees along the way, we were able to achieve a successful outcome for the scheme members,” said Chris Halewood, Client Director at Vidett,
“We’ve enjoyed working with the trustees of PJH Group Pension Scheme and their advisors to complete the steps necessary to complete this buy-out. Equalising GMP benefits as part of the conversion from buy-in to buy-out added some new challenges for us but the process was successful thanks to the hard work of the teams involved and the functionality of our Mantle software,” added Gary Needham, Head of BPA Business Development at Utmost.
The trustee of the PJH Group Pension Scheme was advised by Isio, and Utmost Life and Pensions’ legal team were supported by CMS Cameron McKenna Nabarro Olswang.
