The Graham Asset Management Pension and Life Assurance Scheme, sponsored by Graham Asset Management Limited, has completed a £1m bulk purchase annuity buy-in with L&G.
The transaction secures the benefits of 13 deferred and pensioner members with L&G and represents the second transaction completed under Isio’s PenUltimate Micro framework.
“We are delighted to have completed the buy-in transaction for the scheme; it is a significant de-risking step for the scheme and its members. Use of Isio’s streamlined service and advice from our advisors, enabled the trustees to react quickly to favourable market conditions and secure improved long-term security for members’ benefits,” said Alistair McDonald, on behalf of the scheme’s trustees.
“Delivering speed, certainty and a smooth experience for members is crucial for smaller schemes approaching their endgame. This transaction highlights how our Flow proposition supports that journey irrespective of size. L&G’s innovative lock facility locks buy-in pricing to the Scheme’s asset holdings, providing price certainty and removing unnecessary transaction costs, ultimately helping trustees secure the best possible outcome for their members at pace,” added Dominic Moret, Head of Origination and Execution, Institutional Retirement at L&G.
Isio advised the scheme and Osborne Clarke provided legal advice.
“Completing our second PenUltimate Micro transaction demonstrates how smaller schemes can benefit from a structured and efficient route to risk settlement. By applying our end-to-end methodology and working closely with all parties, we were able to help the Trustees move quickly to secure members’ benefits while establishing a clear pathway to buy-out and wind-up,” said Diane Cadden, Senior Manager at Isio.
“It was great to work with Trustees, Isio and L&G on this project – the rapid timescale is a testament to good governance, thorough preparation and a “can-do” attitude. With all this, size is no barrier to a successful transaction!” added David Hosford, Partner at Osborne Clarke.
