Legal & General have completed a full buy-out of the Pensions Management Institute’s retirement and death benefits scheme.
Barnett Waddingham advised on this transaction, which sees L&G take over the administration and payment of all benefits, allowing the scheme to be wound-up.
The scheme entered into an insurance policy with L&G in March 2024, which secured members’ benefits in full. Following this, the scheme began a buy-in and data cleanse process under with the help of Barnett Waddingham, ensuring an orderly transition of benefits.
Members have now received their individual annuity policies from L&G, and the scheme has completed the wind-up process.
The trustee directors of PMI Trustee are represented by Andrew Cheseldine of Capital Cranfield and Chris Parrott of BESTrustees.
The trustee is also supported by Paula Lamb of Pensions Secretarial Limited.
Barnett Waddingham acted as risk transfer and post-transaction advisers, while legal advice was provided by DLA Piper UK LLP.
The PMI is the UK’s leading professional body dedicated to supporting and developing experts who manage UK pension schemes.
Barnett Waddingham head of post-transaction and wind-up Beth Allison says: “We are delighted to have worked closely with the trustee and the PMI to help achieve their goal of securing members’ benefits in full and transferring them to L&G, and to have led this project from transaction preparation to buyout and wind-up”
Dominic Moret, head of origination and execution, UK PRT at L&G adds: “This transaction is a great example of how pension schemes can transition to buyout swiftly and efficiently using L&G Flow, our tailored, end-to-end solution for smaller pension schemes.
“We are grateful to the trustee and their advisers for their proactive and collaborative engagement, which ensured a smooth journey to this milestone.”
