L&G agrees £21m full scheme buy-in with Kesslers Group Pension Plan

Written by Adam Cadle

06/09/2022

Legal & General (L&G) has agreed a £21m full scheme buy-in with the Kesslers Group Pension Plan.

The deal will secure the benefits of 241 scheme members, which include a mix of deferred and pensioner members.

Following “close collaboration” between L&G and the scheme trustees, the transaction was signed in June 2022.

L&G stated that this collaboration allowed for fast and efficient pricing, and a smooth process.

Broadstone led the advice for the trustees on the deal, while Barnett Waddingham provided investment advice and Shoosmiths provided legal advice.

Meanwhile, the company was advised by Barnett Waddingham.

“The opportunity for us to secure the plan’s benefits with an insurer is a great step forward, and we are delighted to have completed this deal with L&G,” commented Kessler group chairman and trustee, Charles Kessler.

“We have been particularly impressed with the speed of agreement for the annuity contract, which was achieved in under three months.

“This is a testament to Broadstone working closely with L&G and our other advisers to focus on transacting as smoothly as possible.”

L&G client solutions director Beatrice Male said the firm was “delighted” to have agreed the transaction with the trustees and that it looked forward to building on its partnership with them, while providing further security to the scheme members.

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