The Lowman Pension Scheme has secured a £10m full-scheme buy-in with Legal & General (L&G).
The transaction covers the benefits of all 115 uninsured members, comprising of 52 deferred members and 63 pensioners, and was completed in March.
The scheme sponsor is the property management company Lowman Manufacturing, and the company has set aside a reserve to meet any shortfall.
It added that ‘thorough preparation’ for the transaction meant that pricing received came in within budget.
Broadstone provided administrative services through SM&RT Insure – Admin, alongside its existing actuarial, investment consultancy, and risk transfer advice services, to the scheme.
Having reviewed the wider market, the trustees selected L&G’s Flow solution for smaller pension schemes.
“After two past buy-ins and a bulk transfer out of the defined contribution section, it is rewarding now to have secured the benefits of our remaining members,” Lowman Pension Scheme chair of trustees, Bruce Beacham.
“L&G was a natural partner to consider given they were already heavily involved in the scheme. We are grateful to Broadstone for the administration support and helping to secure a price that was well within the company’s reserve.”
Broadstone deal lead and head of trustee services, Chris Rice, added: “When we started discussing a potential buy-in last year, with the company setting aside funds to facilitate the transaction, it quickly became clear that dedicated and expert administration support was required.
“It is satisfying that Broadstone’s administration could deliver market-ready data so quickly and facilitate this transaction with L&G at pace.”
L&G head of origination and execution, institutional retirement, Dominic Moret, said the transaction demonstrated how its Flow proposition can provide smooth execution for schemes approaching endgame.
“By novating the scheme’s existing L&G asset holdings, the buy-in price was directly aligned to those assets, effectively locking in pricing and giving trustees confidence in the outcome,” he added.
“The approach helps minimise costs, remove unnecessary market risk, and supports schemes in achieving a well-matched, efficient transition to securing positive outcomes for their members.”
