The Wiltshire (Bristol) Limited Retirement Benefits Scheme, a legacy arrangement sponsored by Auto Trader, has agreed a £15m full scheme buy-in with Just Group, covering the pension liabilities of over 150 pensioner and deferred members.

The trustees were advised on the transaction by Aon, Eversheds Sutherland and Osborne Clarke.

Completed in 2022, the transaction also utilised Aon and Eversheds Sutherland’s joint smaller bulk annuity transaction solution, Pathway, marking the latest in a number of recent ‘Pathway transactions’ completed across six separate insurers.

Wiltshire (Bristol) Limited Retirement Benefits Scheme chair of the trustees, Claire Baty, highlighted the buy-in as an “excellent outcome”, providing members with long-term security for their benefits.

“We were able to complete the transaction in volatile market conditions through a combination of advice from Aon and Eversheds Sutherland and the flexibility and responsiveness of all parties,” she stated.

Adding to this, Eversheds Sutherland principal associate, James Ellis, stated: “We are really pleased to have worked with the trustees and Aon on this transaction, with our joint Pathway product achieving a great outcome for the scheme.

“A number of schemes are approaching fully-funded status at the moment, and this has created a highly competitive buy-in market.

“Schemes of all sizes are looking to secure the best deals for their members, with the pace expected to continue in 2023, and this is why having options such as Pathway have been so important for smaller schemes.”

Indeed, Aon Risk Settlement Group senior consultant, Carly Bryan, also highlighted the transaction as demonstration of how smaller schemes can successfully access attractive and competitive terms if they approach the market in the right way.

She stated: “This transaction was completed during a period of extreme volatility, but still captured favourable pricing due to the tried and tested process, and straightforward execution offered by Aon's Pathway service – which is specifically designed for schemes of this size.

Also commenting on the buy-in, Just Group head of reinsurance relationships, Prashant Mehta, added: “We are delighted to have completed the full scheme buy-in transaction for The Wiltshire (Bristol) Limited Retirement Benefits Scheme, securing members’ benefits during an extremely busy bulk annuity market in the latter half of 2022.

“By working closely with the trustees and their advisers Aon, Eversheds Sutherland and Osborne Clarke, we are pleased we were able to ensure the transaction completed successfully, despite very volatile markets.”


This article first appeared on our sister title, Pensions Age.

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