The Pensions Management Institute (PMI) Retirement and Death Benefits Scheme has completed a full buyout with Legal & General (L&G).

L&G has taken over responsibility for the payment and administration of member benefits, enabling the scheme to wind up and the PMI to fulfil its obligations to members.

Barnett Waddingham acted as risk transfer and post-transaction adviser to the trustee directors, while legal advice was provided to the trustee by DLA Piper UK.

The trustee directors of PMI Trustee were represented by Andrew Cheseldine of Capital Cranfield and Chris Parrott of BESTrustees, and the trustee was supported by Paula Lamb of Pensions Secretarial Limited.

The scheme entered into an insurance policy with L&G in March 2024, which secured members’ benefits in full.

It then began a buy-in and data cleanse process, with support from Barnett Waddingham, to ensure a smooth transition of benefits to L&G.

The scheme has completed the wind-up process as members have received their individual annuity policies.

“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,” commented L&G head of origination and execution, UK PRT, Dominic Moret.

“We are grateful to the trustee and their advisers for their proactive and collaborative engagement, which ensured a smooth journey to this exciting milestone.

“We are delighted to have secured the benefits of the scheme’s members and look forward to supporting them in retirement.”

Barnett Waddingham head of post-transaction and wind-up, Beth Allison, added: “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.

“We are proud to have supported the PMI as a longstanding client and would like to thank the trustee and its advisers for their expert steer and close collaboration, which has enabled a quick and efficient post-transaction process and resulted in a very positive outcome for members.”

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