The trustees of the Ferno (UK) Limited Retirement and Death Benefits Scheme have secured a full scheme buy-in worth approximately £4m with Legal & General (L&G), covering the benefits of around 100 members.

Barnett Waddingham acted as actuarial, administration, investment and risk transfer advisers for the transaction, while Arc Pensions Law provided legal advice to the trustees.

Following a comprehensive market review, L&G Assurance Society Limited was selected as the insurer for the buy-in, which was completed in October 2025.

Commenting on the transaction, chair of trustees and CMGS Trustees Ltd director, Clive Grimley, said that it is a “great” achievement to reach this “significant milestone”.

He said the deal was a culmination of “many years of hard work” by both past and present trustees that would not have been possible without the “continued support of the sponsoring employer”.

“The trustee board would like to thank our advisers Barnett Waddingham and Arc Pensions Law for their support and leadership through the scheme’s journey to this stage, and to L&G for working with the trustees to achieve this buy-in transaction,” Grimley added.

Ferno Group chief of global strategy – manufacturing & regional managing director, Jon Ellis, said that this deal sees members’ benefits “remain safe”, and is a simpler way of managing this pension scheme, allowing Ferno to focus on its strategy and purpose.

Barnett Waddingham risk transfer partner, Adam Walker, said: “Our team has worked with Ferno and the trustees over a number of years to help make their goal of insuring all benefits a reality.

“We worked closely with the trustees to facilitate a transaction that meets their objectives and secures members’ benefits with a household name.”

---