BESTrustees professional trustee client, the Metallus UK Pension Scheme, has completed a £40 million bulk purchase annuity (BPA) transaction with Royal London, the UK’s largest customer-owned life, pensions and investment provider. The buy-in secures the benefits of 493 members.
A key feature of the transaction was the collaborative approach taken during the exclusivity period, enabling the parties to agree the expected journey from buy-in to buyout to ensure the Trustees’ objectives could be met. Isio acted as risk transfer adviser whilst the Trustees received legal advice from Gowling WLG and administrative and actuarial support from Aon.
“We are pleased to have completed this transaction with Royal London. This buy-in helps to provide certainty to our nearly 500 members about the security of their benefits and represents a pivotal moment in the Scheme’s de-risking journey. My thanks to everyone involved for a great team effort in making this happen, it was a pleasure to work with them.”
Zahir Fazal, BESTrustees
“This transaction reflects our commitment to delivering solutions that are tailored to each trustee board’s objectives, regardless of pension scheme size. By working closely together, we were able to provide the trustees with a clear and pragmatic roadmap to buyout, providing greater certainty around the pension scheme’s endgame. It was a pleasure to partner once again with the teams at BESTrustees and Isio. We’re excited to now move forward with them at real pace and deliver against that buyout plan.”
Clodagh Howe, BPA Origination Manager, Royal London
“This project is a great example of what can be achieved through strong collaboration and careful preparation. We were delighted to work alongside BESTrustees, their advisers and Royal London to deliver a buy-in that met the Trustee’s and Sponsor’s objectives, providing certainty for members and stakeholders alike. We look forward to building on this success as we continue to support the Trustee and Sponsor on their journey.”
Kenny Wilson, Deal lead, Isio
Latest News
Christopher Wheeler appointed Co-Chair of the APPT
The Association of Professional Pension Trustees (APPT) today announced that Council members, Christopher Wheeler and Julia Yates, are taking the helm as Co-Chairs of the APPT, succeeding Rachel Croft (current Chair) and Vassos Vassou (current Vice Chair) who have both completed their terms in office as Council members. The move to appointing Co-Chairs takes effect from the Association’s AGM on 21 October and is a reflection of the considerable increase in workload faced by a growing Association that has more than doubled in size over the last 5 years or so, as the influence and role of professional trustees has …
Continue reading “Christopher Wheeler appointed Co-Chair of the APPT”
Rachel Brougham appointed trustee to Cushon Master Trust
BESTrustees professional trustee Rachel Brougham has been appointed as a trustee of the Cushon Master Trust (CMT). She brings experience from across the pensions sector, particularly in pension administration and member engagement. Before joining BESTrustees in 2014, she spent more than 25 years at Mercer providing actuarial, benefit, governance and defined contribution consulting. CMT trustee board chairman Roger Mattingly said: “I’m delighted to welcome Rachel to the CMT board. Her experience, professionalism and focus on delivering for members will be a real asset to the board.” Cushon managing director Troy Clutterbuck said: “We’re really happy to welcome Rachel into the …
Continue reading “Rachel Brougham appointed trustee to Cushon Master Trust”
