Save & Invest Financial Planning

Save & Invest completes 
significant Buyin 

Independent Investment and Pensions business, Save & Invest, has led the successful execution of a £260m buy in annuity policy for the Trustees of a defined benefits pension scheme of a major international financial services business. The policy, issued by Just Retirement Ltd, has secured members pension entitlements and substantially de-risked the ongoing obligations of the scheme’s sponsor.

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Jeffrey Deans Managing Director Save & Invest

This is the culmination of a thirty-year association with the business. The scheme assets had been held with Standard Life and L&G until Save & Invest took on the role of investment advisors in 2015 and a change of strategy delivered significant outperformance, such that it was possible, in April 2021, to consider a move to de-risk the scheme’s liabilities. The de-risking strategy included sourcing a bespoke asset/liabilities matching investment solution whilst a specialist bulk annuity broker was shortlisted and appointed to seek buy-in terms.

Throughout the process the Save & Invest team were focussed on supporting the Trustees to secure members’ entitlements and reduce the reliance on the scheme’s sponsor. “with so many variables in a situation such as this, it was important to ensure that the timeline to explore the feasibility of a buy-in and execute it, if it was proven to be in the members’ interests, was as concentrated as possible” Jeffrey Deans MD Save & Invest. The scheme’s key technical adviser, Adrian Turner, who joined Save & Invest when they acquired the FT Financial Management team in 2012, has a thirty-year history with the scheme. This longstanding and stable stewardship, together with the support of scheme actuaries, Cartwright Group, enabled the Trustees and the sponsor to be confidently guided through the decision-making stages. He commented “when you have invested a significant part of your professional career assisting various trustee boards fulfil their duties to the scheme membership, it is gratifying to see a successful outcome to such a project”.

By processing many work streams in parallel Save & Invest ensured the Trustees were ready to execute the buy-in as soon as satisfactory terms were offered by Just Retirement. Save & Invest led the project team which included scheme administrator Charterhouse Consultancy Ltd, legal advisers Burgess Salmon, and specialist bulk annuity broker K3. As investment advisors Save & Invest has assisted the trustees of defined benefit schemes of various sizes, meet their de-risking objectives and achieve improved funding positions.

For further information please contact Jeffrey Deans Managing Director Save & Invest 07768392161

Save & Invest Financial Planning Limited is authorised and regulated by the Financial Conduct Authority.
Head Office 100 West Regent Street, Glasgow. G2 2QD Registered in Scotland No 
SC113651. Telephone 01413328088

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