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 advisers including Isio (insurance broking) and Eversheds Sutherland LLP (legal).
‘Under Isio’s guidance, and with the support of the Company, we are pleased to have achieved the two transactions that exceed the objectives we set. It was a pleasure working with Utmost who impressed us with their flexibility. Having been involved with the Laurel Scheme since it was set up in 2001, I am particularly pleased that we have been able to secure its members’ benefits for the future.’
Andrew Campbell, Chair of Trustees of both schemes from BESTrustees
‘Presenting both Schemes to insurers at the same time led to highly competitive pricing, along with some interesting challenges to navigate. Dovetailing the data, benefit and illiquid asset considerations across the two Schemes led to an efficient transaction, and optimal value for money for the schemes.’
Laura Parker, Senior Insurance Manager at Isio
‘Utmost was pleased to secure members’ benefits for the two schemes, further demonstrating our support for smaller and mid-sized pension schemes. Completing the transactions was made easier through continuous positive collaboration with the trustee and their advisers, and with the support of our external legal advisers CMS.’
Gary Needham, Head of BPA Business Development at Utmost
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