Superior Pensions Fund has secured a £10 million bulk annuity deal for its 78 members.
The transaction was carried out with Just Group, which will insure the Fund’s liabilities so that members are protected against the investment, inflation, and longevity risks linked to these benefits.
Through the deal, the trustees – the Fund’s sponsoring employer, Greenery UK and its parent business, global grocery supplier Greenery BV – have been able to fulfil a key aim in mitigating these risks.
Harrison Clark Rickerbys provided legal advice to the trustees legal advisers, while Capita acted as actuary and administrator of the scheme., Canaccord supplied investment advice.
Commenting on the deal, Lee Evans, chair of trustees at the Superior Pension Fund, said: “We are absolutely delighted to have secured this insurance policy for the Fund, which will considerably enhance the security of our members’ benefits. The whole process has been managed expertly by Buck, who helped us overcome a number of obstacles in completing this transaction. This was a real team effort, though, and I would also like to put on record our thanks to Capita as our Scheme Actuary and administrator, HCR as our legal adviser, and Canaccord as our investment adviser, all of whom have collaborated really effectively to achieve such a positive outcome for the Fund and our members. We are also extremely grateful to Greenery UK Limited and The Greenery BV for all their help and support throughout this process.”
Kishan Radia, business development manager at Just Group, commented: “There is a vibrant DB de-risking market for schemes of all sizes and our innovative bulk quotation service provides access to live insurer pricing for all shapes and sizes of schemes. Working together with Buck, over a period of approximately six months, we were able to monitor closely the Superior Pension Fund’s funding position and move quickly when the trustees chose to transact. We’re very pleased to have secured the benefits for members of this scheme.”
Mark van den Berghen, head of risk transfer at Buck, a Gallagher company, added: “We are delighted to have helped the trustees secure an insurance policy with Just Group. Getting traction in the current climate for small schemes in particular can be challenging, but with thorough planning and project management we have achieved a brilliant outcome. We are all very pleased with the terms of the transaction, which represents the best possible result for the Fund and its members. An outstanding collaboration between our team, the trustees, co-advisers, and the company ensured that we successfully and efficiently completed this deal within the agreed timeframe.”