Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c.£21m full scheme buy-in with Kesslers Group Pension Plan (“the Plan”). The transaction secures the benefits of approximately 240 employees, including a mix of deferred and pensioner members.
The Sponsoring company, Kesslers (“the Sponsor”), is a leading British on-site manufacturer that delivers a range of retail solutions on a global scale.
The transaction was signed in June this year after close collaboration between Legal & General and the Trustees enabled fast and efficient pricing, and a smooth progress.
Broadstone led the advice for the Trustees on the transaction, alongside Barnett Waddingham who provided investment advice and Shoosmiths who provided legal advice to the Trustee.
Beatrice Male, Client Solutions Director at Legal & General: “We are delighted to have agreed this transaction with the Trustees, as a result of our close and efficient collaboration. At Legal & General, our wide range of experience and ever-growing expertise in providing client-focussed solutions means we can help pension schemes throughout their de-risking journey more efficiently than ever before. We look forward to building on our partnership with the Trustees, while providing further security to the pension scheme members.”
Charles Kessler, the Kessler Group Chairman and Trustee: “Our staff- past, present, and future- have been key to our success, as a family business. The opportunity for us to secure the Plan’s benefits with an insurer is a great step forward, and we are delighted to have completed this deal with Legal & General. We have been particularly impressed with the speed of agreement for the annuity contract, which was achieved in under 3 months. This is a testament to Broadstone working closely with Legal & General and our other advisors to focus on transacting as smoothly as possible.”
Nigel Jones, Director of Consultancy and Actuarial at Broadstone: “As many schemes note an improving buy-out funding position and are preparing for the market through our SM&RT insure process, it is particularly pleasing that we achieved an excellent result for a scheme that had unexpectedly been able to approach the insurance market at short notice. We recognised how important speed of transaction was to the trustees and company and to achieve this, pragmatism and close working with all parties was required.”
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