The Armfield Limited Pension and Life Assurance Scheme has completed a £7m buy-in transaction with Just Group, securing the retirement benefits of the scheme's 24 pensioners and 15 deferred members.
K3 Advisory led on the transaction, while Cartwright provided actuarial, administration, and investment advice. HCR Hewitsons was the legal advisor for the transaction.
Armfield Limited Pension and Life Assurance Scheme chair of trustees said the firm's initial concern was "affordable pricing", emphasising the importance of securing members' benefits "affordably and efficiently".
"With a small scheme of fewer than 50 members, once the trustees had assured us that long-term member interests would be completely protected, affordable pricing became our initial concern," he stated.
"Working with K3 Advisory and Cartwright, backed by their expert investment advice, seamless administration, and sound actuarial decisions, they ensured the members' benefits were secured affordably and efficiently. Their dedication and professionalism were evident throughout the entire process."
K3 Advisory lead adviser, Thomas Crawshaw, added: "We continue to see strong demand for our services from sub £10m schemes as they look to seize opportunities and secure benefits for members.
"Our deep understanding of the unique challenges faced by schemes of this size, combined with our specialist expertise, means we are able to come up with interesting and innovative solutions that work in practice.
"In an increasingly competitive market, we're proud to remain at the forefront, consistently leading the way in securing the best outcomes for our clients and their valued members."
Adding to this, Cartwright director of investment consulting, Sam Roberts, said: "Working with K3 Advisory on this project, we have demonstrated again that tailored advice, thoughtful planning and preparation, and using the latest best ideas and processes, delivers security and value for money for the scheme.
"In a crowded and competitive bulk annuity market, our collaborative efforts ensured we could provide unique solutions tailored to the specific needs of the pension scheme."
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