The transaction secures the benefits for approximately 230 pensioners and 300 deferred members.
This buyout is the latest in a series of similar, successful projects for Buck clients. In October 2020, the firm announced that it had advised on and completed two more bulk purchase annuities, including a £340 million buy-in for the Leicestershire-based Ibstock Pension Scheme.
Ridgeon Group’s Trustees were advised on the deal by Buck, Eversheds Sutherland, Mills and Reeve, and Legal & General Retirement Institutional.
Michael Symons, Chair of Trustees commented: "Buck have been advisers to the scheme since 1980 (when I was involved in their selection). Since then I have found them to be consistently pragmatic, thoughtful, and supportive of good communication with members. They have been a major factor in enabling us to complete the buyout of the scheme benefits."
Ian Northen, Director at Ridgeon Group Limited, commented: “The Buck team have provided excellent professional support to the scheme over many years, with a combination of proactive advice and rapid responses in challenging situations. The company is delighted that the buyout has been secured for the benefit of the members and is grateful to Buck for its part in achieving it.”
David Broadbent, Scheme Actuary at Buck and lead adviser on the transaction, commented: “Following the sale of the scheme’s sponsoring employer, the original owners generously provided the additional capital that has allowed us to make this transaction happen. We have worked hard with the scheme Trustees and their legal advisers, Eversheds Sutherland, to get the scheme to this position. It’s important to us that every scheme has access to the very highest quality of advice and service when completing a transaction of this nature.”
David Poulton, Chief Customer Officer at Legal & General Retirement Institutional, commented: “We are pleased that the buyout process has been successfully completed for the scheme. Our team have worked closely with the Trustees and their advisers to secure the pension benefits of the scheme members and we are delighted to be able to now welcome them as Legal & General pension customers.”
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