The Trustee of the Low & Bonar Group Retirement Benefits Scheme, chaired by Hugh Creasy of BESTrustees, and Just Group plc, have completed a c.£50m full buy-in of all remaining uninsured members of the Low & Bonar GRBS. This marked the final step on the Scheme’s derisking journey. LCP acted as lead transaction adviser using its streamlined buy-in and buy-out service.
The Scheme already held two existing pensioner buy-in policies, the first of which was secured with JUST back in 2015. LCP used its streamlined buy-in and buy-out service and the previous pensioner buy-ins were also completed through this service, which provides schemes with a streamlined broking process using enhanced pre-agreed contracts. At a time when the market is busier than ever, the service helps smaller schemes get more insurers to quote, leading to more competitive pricing, as well as giving access to contract terms that are usually available only for much larger schemes.
“I am delighted to have taken the final step on the Scheme’s derisking journey to secure all remaining members’ benefits. The transaction was made possible due to the thorough preparatory work and excellent collaboration between the Trustee, Company, LCP and other advisers.”
Hugh Creasy, BESTrustees, Chair of Trustees
“Having advised the Low & Bonar GRBS for approaching 10 years, it was a real personal achievement to help the Scheme to this point on their derisking journey where all c.1,700 members are now fully insured. Using LCP’s streamlined service enabled us to run a competitive process with tight timescales, resulting in a great outcome for the Scheme and its members.”
Lucinda Webb, Senior Consultant at LCP
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