The TW Kempton Pension Scheme has completed a £1.5m bulk purchase annuity buy-in with Just Group. The transaction, which completed in June, secured the benefits of five members, comprising four pensioners and one deferred member.
“We are very pleased to have completed the buy-in, which provides greater security for our members and represents an important milestone for the Scheme. The process was seamless from our perspective, with clear communication and support from the team throughout. The guidance we received at each stage gave us confidence in the process and helped ensure the transaction progressed smoothly through to completion,” said Neil Hawthorn, Director at TW Kempton.
Cartwright acted as investment adviser to the scheme, with Aptia providing administration services and Arc Pensions providing legal advice. Dean Wetton Advisory acted as broker.
“Every transaction needs to reflect the circumstances and objectives of the individual scheme. For TW Kempton, the buy-in provided a clear route to securing the benefits of its small membership and giving the trustees greater certainty over the scheme’s future,” said Yona Chesner, Head of Pensions Investment at Cartwright Pension Trusts.
“Smaller schemes can face different considerations when assessing their options for risk transfer, and some trustees may not even realise that a transaction of this type is an option for their scheme. However, with the right preparation and advice, there is no reason why smaller schemes cannot take this path, securing members’ benefits while reducing the risks associated with running a legacy pension scheme.”
“At £1.5m, this transaction demonstrates that the risk-transfer market can deliver for schemes of all sizes. We were pleased to work with TW Kempton and everyone involved to move from the scheme’s legacy policy arrangement through to a completed buy-in,” said Dean Wetton, Managing Director at Dean Wetton Advisory.
“Close collaboration with the insurer and wider advisory team was key to progressing the transaction together efficiently and delivering a successful outcome for the scheme.”
