Safe Computing Pension Fund has completed a £4.5m full scheme buy-in with Just Group, securing the benefits of 16 deferred and 24 pensioner members.
The transaction was achieved using the assets of the scheme and, once a legacy illiquid asset was realised, did not require an additional contribution from the scheme sponsor, The Access Group, which is a business management software provider.
Commenting on the transaction, HS Trustees professional trustee, Palwinder Hare, said the “seamless execution” of the deal proved the worth of the rigorous preparation and the strength of the approach.
“The efficiency of the transaction really put the valuable preparation into perspective and has proved its value,” he added.
Broadstone provided annuity broking alongside its existing services for the scheme.
According to the consultancy, the deal was completed “swiftly” in a busy market, using Broadstone’s SM&RT Insure process.
Broadstone deal lead, Bob Jenkinson, commented that small scheme transactions – such as the Safe Computing Pension Fund buy-in – required specialist knowledge of the insurance market.
“It was imperative the scheme undertook a robust preparation phase to ensure data was in a suitable state of readiness for the transaction,” he said.
Jenkinson added that the transaction was completed in under four weeks during a period of market volatility.
Just business development manager, Alma Goyanes-Payne, added the transaction was concluded using Just’s streamlined pricing service, Beacon, allowing small schemes to “monitor pricing and move quickly to execution at the right time”.
Gateley Legal provided legal advice to the scheme trustees.
