The Scottish Milk Limited Retirement Benefits Plan, chaired by Zahir Fazal of BESTrustees, has completed a £42 million full-scheme buy-in with Just Group. Scheme sponsor First Milk is a British farmer-owned dairy co-operative and the transaction secures the benefits of all 452 members.
BESTrustees, who have chaired the scheme since 2016, were joined in the project by PwC as lead pension risk transfer adviser whilst Mercer provided actuarial and investment advice to the Trustees, EY provided covenant advice to the Trustees. The Trustees’ legal advice was provided to the Trustees by Burness Paull, the Sponsor’s by Brodies, and Just Group’s by Pinsent Masons.
“The transaction marks a key step in the Trustees’ journey to enhance the security of member benefits and the Trustees are extremely grateful for the ongoing engagement and support from the Sponsor to enable this positive transaction to be executed. Collaboration was the key to success and the PwC team worked collaboratively with the other advisers and with Just to ensure the Scheme was well prepared and the transaction structure suited all parties.”
Zahir Fazal of BESTrustees, and Chair of the Trustees of the Scheme
Latest Insights
BESTrustees and PIC complete £213 million full buy-in for Siemens Healthineers Benefits Scheme
The Trustees of the Siemens Healthineers Benefits Scheme has concluded a £213 million full buy-in with PIC, securing the benefits of 703 pensioners and 967 deferred members and dependants. BESTrustees acts as independent Chair of Trustees of the Scheme.
BESTrustees, Isio and Utmost complete two full scheme buy-ins for the Stonegate Pub Company Limited pension schemes
BESTrustees’ pension scheme client, the Stonegate Pub Company Limited, has successfully completed bulk purchase annuity buy-ins with Isio and Utmost Life and Pensions for the Laurel Pub Pension Scheme and the Yates Group Pension Scheme. Both schemes are sponsored by Stonegate, the UK’s largest pub group. The £62 million transactions will ensure the defined benefit pension liabilities for all the Schemes’ members , removing investment and longevity risk from the Schemes, and giving the 650 members improved security. The transactions were run by a joint working group of the Schemes’ Trustees and Stonegate Pub Company Limited, supported by their respective …
