Timpson Group Pension Scheme has completed a £100 million full buy-in deal.
The deal with Just Group and K3 Advisory, provider of specialist independent bulk annuity and consolidation advice to the pensions industry, was for 694 deferred members and 369 pensioners.
Specialist pension consultancy Western Pension Solutions (WPS) provided strategic advice, while legal advice to the trustee was provided by Gateley.
James Timpson OBE, chief executive of Timpson Group, said: “A key component to the success of our business has been putting our colleagues at the heart of it. We pride ourselves on our commitment to their wellbeing both when they are with us, and when they have retired or moved on – we have been listed as one of the UK’s best companies to work for over 18 years and that doesn’t stop when you retire.
“Providing security in retirement is just as important as any other benefit we provide. Our board could clearly see the opportunity a buy-in would provide in securing the best possible outcome for our members, and WPS and K3 guided us smoothly on the journey in an extremely short time frame.”
According to K3’s managing director Adam Davis, working with all parties to get this transaction completed within eight weeks was “extremely satisfying”.
He commented: “The scheme worked hard to ensure data was up to date and accurate and had an extremely positive attitude in just getting things done to ensure they did not miss out on the excellent opportunity the market was providing. This meant we were able to present a fully prepared, appealing, opportunity to insurers enabling us to secure attractive pricing that worked for all parties.”
Ben Fowler, managing director at WPS, said that Timpson should “take most of the credit for the smooth and successful execution of this transaction”.
He added: “They have always had a clear strategic focus for what they want to achieve in the best interest of all stakeholders. More importantly they are able to act quickly and decisively to get things done when opportunities to meet their objectives presented themselves.”
The scheme’s administrator and investment adviser was XPS, while First Actuarial acted as scheme actuary. Internal legal counsel was retained by Just.