The Financial Services Compensation Scheme (FSCS) Pension Scheme has completed a £25m full buy-in with Pension Insurance Corporation, securing the benefits of all 154 members, including 37 pensioners and 117 deferred members.

Legal advice was provided to the trustee by Arc Pensions Law, and to the employer by Eversheds, while PIC was advised by Herbert Smith Freehills.

Broadstone led the transaction, providing annuity broking advice, alongside their existing appointment as scheme actuary, administrator, secretarial and investment consultant.

The transaction was secured following a preparation period, and did not require any additional contributions from the employer, thanks to recent improvements in funding and asset de-risking.

Trustee chair and Capital Cranfield professional trustee, Giles Payne, commented: “Broadstone and Arc guided us expertly through the issues raised which meant we could confidently transact, safe in the knowledge nothing was left to chance.

"We are pleased to have secured this deal with PIC and are grateful for their engagement in the process along with the support of the Employer and the advisers involved.”

PIC head of pricing and funded reinsurance, Richard Quintian, added: “We are proud to have completed a buy-in for the FSCS Pension Scheme, helping the trustees with their goal of providing their members with long-term security for their pensions.

"Being well prepared when approaching a busy market allowed the trustees and their advisers to complete the process in an efficient and timely manner.”

Broadstone deal lead and scheme actuary, Christopher Rice, also highlighted the importance of being prepared before approaching the market, explaining that this helped lead to a competitive process for the parties involved.

"We’re delighted to have led the trustees through this process, securing an excellent price with PIC, meeting the trustee’s and employer’s objectives and securing the pensions of all its scheme members," he added.

---