July 2023
Cartwright, in partnership with K3 Advisory, the specialist independent bulk annuity and consolidator advisory business, today announced the successful completion of a £7 million buy-in for the pension scheme of a company in the food manufacturing sector.
The deal completed in December 2022, with insurer Just Group, and covered 46 deferred members and 10 pensioners.
Sam Roberts, Director of Investment Consulting at Cartwright commented: “Reaching this successful outcome was a multi-year journey which included many different investment options and all the different specialist services available within Cartwright and our strategic partners such as K3. Full buyout had been an objective for many years for the Trustees and it was by being open to new ideas and ready to move quickly when markets were attractive that they were able to reach their target quicker.”
Adam Davis, Managing Director at K3 Advisory, commented: “This deal marks another in which we were able to garner top quality interest in a small scheme from insurers, because it was in good shape and ready to transact. The buy-in/buyout market is currently extremely busy, with more and more schemes actually in a much-improved funding position following the LDI crisis of last year. The message is clear: If you're prepared it can be done.”
John Dutton, Chair of Trustees commented: “Over the last few years our investment strategy has changed dramatically, from high growth to full insurance. We were always keen to quickly take advantage of opportunities when they arose, and this pro-activity has really paid off. Whether it was buying equities in March 2020, using triggers to de-risk, or seizing attractive bulk annuity pricing in 2022, the Trustees are delighted that Cartwright and K3 guided and supported us successfully through these decisions to ultimately get the best price for our Scheme and secure members’ benefits.”
Harriet Fallows, DB Business Development Manager at Just Group, commented: “There is a vibrant consolidation market for schemes of all sizes, and we are extremely proud to have concluded this transaction. We know that any scheme brought to us by Cartwright and K3 has been properly prepared and is ready to go, which aids us in providing a quality quote. Utilising our innovative bulk quotation service provided transaction certainty and meant the process was easy and efficient allowing us to complete in a timely manner, securing the best outcome for members. Our commitment to working with schemes of all sizes is demonstrated here and we are delighted to have been selected by the Trustees for this mandate.”
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