An unnamed pension scheme in the mechanical and electrical industry has completed a £2m full buy-in with Legal and General, securing the benefits of 16 pensioners and 3 deferred members.

K3 Advisory led the transaction, while the trustee received legal advice from Mills & Reeve. Schroders provided investment advisory services.

Commenting on the transaction, the chair of trustees, said: “We’re very pleased with how smoothly the entire process went.

“K3 Advisory's expertise and strong connections in the industry were key to securing a favourable outcome for our members at an extremely competitive price.

“We now look forward to working with them on the next step – the buy-in to buyout phase – and the critical process of data cleansing as laid out by the insurer.

“Being able to outsource the project management of this will almost certainly lead to a quicker and more cost-effective ultimate wind up of our scheme.”

K3 Advisory senior actuarial consultant, John Mayer, said that this transaction was a “great” example of how “swift and efficient” these exercises can be if schemes were prepared and industry relationships and collaborations “work well”, calling it a “fantastic result all around”.

Legal and General pricing and operations director, Joseph Stimpson, added: “We are very pleased to have been able to help another smaller scheme achieve its objectives and secure the future of its members’ benefits.

“In an increasingly busy and competitive market it is reassuring to know we are working with schemes that are well-prepared and transaction-ready.

“We’d like to thank both the trustee and K3 for their close collaboration which helped make the process smooth and efficient for all parties.”

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