The trustees of the Amey Services Section of the Citrus Pension Plan have agreed a £6.5m buy-in with Legal & General Assurance Society Limited.
The buy-in, which will secure the benefits of 70 retired and deferred members, was completed within eight weeks of the trustee sharing the initial data with Legal & General.
Hymans Robertson and Addleshaw and Goddard provided transaction and legal advice to the trustee respectively, and Hymans Robertson also supported the transaction as scheme actuary and investment advisor to the trustee.
Amey Services group pensions director, Andrew Devlin, commented: “Amey is grateful to the trustee and its advisers for their efforts in concluding this transaction, which enhances members’ security whilst reducing balance sheet risk in line with Amey’s pension strategy.”
Citrus Pension Plan chair of the trustees, Marcus Hurd, added: “The fantastic support from Amey, and our advisers Hymans Robertson and Addleshaw and Goddard, has enabled us to secure this buy-in with Legal & General.
"Legal & General’s streamlined approach meant we were able to complete the transaction, amidst some of the most challenging market conditions in many years, in a very efficient manner."
Hurd also confirmed that that the scheme trustee is expecting to complete further transactions in 2023, securing benefits for more of the Citrus membership.
“Citrus serves to deliver member benefit security and we take another step on that journey by completing this buy-in for the Amey Section," he said.
Adding to this, Legal & General Retirement Institutional director, Sabeen Iftikhar, commented: “We’re delighted to have completed this buy-in with Amey. Our collaborative and client-friendly approach meant we were able to price the plan quickly and efficiently despite a busy market, making the process seamless and straightforward for the client.
“We look forward to working with the Citrus Pension Plan in the future and supporting them throughout their de-risking journey.”
Amey Services is a section of the Citrus Pension Plan, a defined benefit (DB) master trust made up of more than 30 different sections.
This article first appeared on our sister title, Pensions Age.
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