The Hunt Brothers and Company Limited Pension Fund (“the Scheme”) has secured a full scheme buy-in with Just Group. The Scheme is sponsored by Hunt Brothers & Co Ltd (“the Company”), a timber trading representative with a history dating back to 1913, based in the North West of England.
The £1.4m transaction secures the benefits of all eight pensioner members and completes the buy-in of all Scheme liabilities. Following careful management by the Trustees and advisers, the transaction was achieved without the need for an additional contribution from the Company. The Scheme will now proceed to full buy-out and wind up.
Broadstone provided annuity broking and Section 36 investment advice. This added to their existing appointment for Scheme Actuary and administration services. Legal advice was provided to the Trustees by Morton Fraser MacRoberts LLP and to Just Group by their in-house team.
George Whitaker, Deal Lead, Broadstone said: “I am really pleased to have been able to help the Trustees and Company achieve this significant milestone for the Scheme, delivering security to its eight members. It is great to demonstrate that well-prepared schemes of all sizes can achieve a cost-effective insurance transaction in a busy market.”
Geoff Hilditch, Chair of Trustees, commented: “It has been a pleasure for the three Trustees to work with the team at Broadstone, who provided expert advice and guidance on every step of the way in what was, for us, completely new territory. We are very pleased with the outcome following a very smooth transaction process.”
Alma Goyanes-Payne, Deal Manager, Just said: “Our innovative price monitoring service, Beacon, enabled us to mobilise this transaction as soon as pricing conditions allowed. We’re very pleased to have worked with Broadstone and the Trustees to secure the benefits for all the members of the Hunt Brothers and Company Limited Pension Fund. There is a vibrant insurance de-risking market for schemes of all sizes and Just are delivering outstanding service to small schemes, large schemes and everything in between.”
|
