The CP Pharmaceuticals Limited Pension Scheme (“The Scheme”) has secured a £28 million full buy-in with Just Group.
The Scheme is sponsored by CP Pharmaceuticals Limited (“The Sponsor”), part of the global pharmaceutical and biotechnology group, Wockhardt.
The deal was completed in October and did not require any additional contribution from The Sponsor.
The transaction, covers all members who had not previously been insured, comprising 46 pensioners and 271 deferred members and completes the buy-in of all Scheme liabilities.
The Scheme will now proceed to full buy-out and wind-up.
Broadstone provided annuity broking as well as investment consultancy services. Legal advice was provided by Eversheds. Additional Trustee advice was provided by Capita.
Mark Channon, Senior Actuarial Director and Deal Lead at Broadstone, said: “As soon as the Trustees became aware that The Scheme potentially had sufficient assets to secure member benefits in full, discussions began on protecting the position and preparing it for the insurance market. It is great to have completed this transaction in a vibrant market, without needing any additional contribution from the Sponsor. It demonstrates the value of tools like SM&RT Insure and the bulk quotation service in helping well-prepared schemes secure benefits as soon as they are in a position to do so.”
James Higgins, Chair of Trustees, commented: “Just and Broadstone worked together superbly with our other advisors to complete this transaction. We are delighted to have now secured benefits for all of our members with no additional contribution required from the Company and look forward to winding up the Scheme.”
Martin Parker, Senior Business Development Manager at Just Group, said: “It has been a privilege to work with Broadstone and the other Trustee advisers using the bulk quotation service for this well prepared Scheme. We look forward to continuing to work collaboratively towards the Scheme winding-up and providing security and a supportive experience for the members long into the future.”
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