Save & Invest completes significant Buyin

Jeffrey Deans

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.

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.

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”.

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“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,

Managing Director Save & Invest

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