Consultancy firm Buck has completed a £50m buyout transaction for the Cambridge-based Ridgeon Group Pension and Life Assurance scheme.
This transaction secures benefits for around 230 pensioners and a further 300 deferred members, who will now have their pensions managed by Legal & General.
This buyout follows several similar projects for Buck clients. In October last year the firms completed two more bulk purchase annuities – including a £240m buy-in for the Leicestershire-based Ibstock Pension Scheme.
Ridgeon Group’s Trustees were advised on the deal by Buck, Eversheds Sutherland, Mills and Reeve, and Legal & General Retirement Institutional.
Buck scheme actuary and lead adviser on the transaction David Broadbent says: “Following the sale of the scheme’s sponsoring employer, the original owners generously provided the additional capital that has allowed us to make this transaction happen.
“We have worked hard with the scheme trustees and their legal advisers to get the scheme to this position. It’s important to us that every scheme has access to the very highest quality of advice and service when completing a transaction of this nature.”
Michael Symons, chair of trustees says: “Buck have been advisers to the scheme since 1980, when I was involved in their selection. Since then I have found them to be pragmatic, and supportive of good communication with members. They have been a major factor in enabling us to complete the buyout of the scheme benefits.”
David Poulton, chief customer officer at Legal & General Retirement Institutional adds: “Our team have worked closely with the trustees and their advisers to secure the pension benefits of the scheme members and we are delighted to be able to now welcome them as Legal & General pension customers.”
