Landor Cartons has completed a £6 million buy-in for its pension scheme.
The packaging company agreed the deal with Just Group, which covers the benefits of 39 pensioners and 29 deferred members.
Atkin Pensions provided actuary and administration services and Shoosmiths supplied legal advice and while K3 Advisory acted as adviser.
Kishan Radia, business development manager at Just Group, said: “This transaction clearly shows that, if prepared in the right way, all schemes have access to the risk transfer ‘gold standard’ that is purchasing a bulk annuity from an insurer. Utilising our innovative bulk quotation service, and working with K3, we were confident that this would be a streamlined and efficient process from start to finish. It shows there is a vibrant DB de-risking market for schemes of all sizes.”
Thomas Crawshaw, K3 advisory senior actuary and deal lead, added: “The timing of this transaction was strategically aligned with the closure of the company production sites, meaning we had to delicately navigate market dynamics and operational intricacies.
“We meticulously observed and analysed insurer pricing over several months until such time as was optimal to transact to secure the best price for the scheme, and the best outcome and security for members. This transaction also clearly demonstrated the importance of schemes being ready, and so able to move when the right opportunity comes up.
“We are proud to have been able to support another small scheme to reach its goal.”