Kesslers Group Pension Plan has agreed a £21m full scheme buy-in with Legal & General (L&G).

The deal will secure the benefits of 241 scheme members, which include a mix of deferred and pensioner members.

Following “close collaboration” between L&G and the scheme trustees, the transaction was signed in June 2022.

L&G stated that this collaboration allowed for fast and efficient pricing, and a smooth process.

Broadstone led the advice for the trustees on the deal, while Barnett Waddingham provided investment advice and Shoosmiths provided legal advice.

Meanwhile, the company was advised by Barnett Waddingham.

“The opportunity for us to secure the plan’s benefits with an insurer is a great step forward, and we are delighted to have completed this deal with L&G,” commented Kessler group chairman and trustee, Charles Kessler.

“We have been particularly impressed with the speed of agreement for the annuity contract, which was achieved in under three months.

“This is a testament to Broadstone working closely with L&G and our other advisers to focus on transacting as smoothly as possible.”

L&G client solutions director, Beatrice Male, said the firm was “delighted” to have agreed the transaction with the trustees and that it looked forward to building on its partnership with them, while providing further security to the scheme members.

Broadstone director of consultancy and actuarial, Nigel Jones, added: “As many schemes note an improving buyout funding position and are preparing for the market through our SM&RT insure process, it is particularly pleasing that we achieved an excellent result for a scheme that had unexpectedly been able to approach the insurance market at short notice.

“We recognised how important speed of transaction was to the trustees and company and to achieve this, pragmatism and close working with all parties was required.”

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