K3 Advisory, an independent bulk annuity and consolidator advisory business, and its business-to-business partner Cartwright, the independent privately-owned pension actuarial, investment consulting, consultancy and administration firm, has successfully completed a GBP9 million full buy-in for a US-listed medical devices business.
The deal, with Aviva, completed on 30 June and was for 79 deferred and 5 pensioner members.
Thomas Crawshaw, Senior Actuarial Consultant and transaction lead at K3 Advisory, comments: “Our objective at K3 hasalways been to support smaller schemes, helping them to get traction in a very busy insurance market. By working with Cartwright to ensure that the scheme was “transaction ready” we managed to secure two insurance quotes. The pricing forboth was realistic and competitive, which enabled us to secure the members’ benefits at no additional cost to the employer. Historically these kinds of deals have only been accessible to much larger schemes, so to achieve this result for a scheme of this size is very satisfying.”
Tony Grist, Director at Cartwright, comments: “We have worked with the Trustee for some time, and in 2018 they secured a buy-in for the pensioners at that time. The US-based parent then agreed to continue with regular contributions to the Scheme with a view to moving towards the buy-in of the remaining members. In January this year additional cash was made available by the US parent if needed. However, having already prepared the scheme, we were able to move quickly and lock in the market gains and competitive insurance pricing at that time, thus securing the benefits at no additional cash cost to the employer. A great result and a clear win for the members, the Trustee and the Sponsor.”
