Birmingham Chamber of Commerce, which supports local businesses, has completed a £9 million pension buy-in.
The transaction, which was brokered by financial services consultancy Quantum Advisory, which was also the scheme actuary and lead transaction and investment adviser, will provide improved benefit security to around 100 pensioners and 40 deferred members.
The longstanding trustee of the fund was Trustee Corporation, represented by Vivien Cockerill, and the trustee legal adviser for the buy-out project was Gateley. Acting as sole trustee, Trustee Corporation signed terms with Just Group at the end of last year as a step towards full scheme buy-out, where all members’ benefits will be secured with, and paid by, Just Group for the fund’s lifetime.
Helen Bates, chief financial officer at Birmingham Chamber of Commerce and Industry, said: “Birmingham Chamber of Commerce and Industry is pleased to secure its members’ benefits following the sale of its premises in 2020 and significant investment in the fund. The chamber has worked closely with Trustee Corporation and Quantum Advisory to secure the future of the fund, and we can now focus on our mission to connect, support and grow businesses in Greater Birmingham.”
Rosie Mills, senior business development analyst at Just Group, added: “We completed this transaction in such a short time frame, and in a particularly busy market, which illustrates that there’s a vibrant bulk annuity market for schemes of all sizes. We’re very pleased to have helped secure the future benefits of 140 members and assist the trustee on its journey towards buy-out.”
Vivien Cockerill, trustee director at Trustee Corporation, said: “The Chamber of Commerce and the trustees, including Trustee Corporation, identified buy-out as their long-term aim many years ago. Trustee Corporation moved to become the sole trustee more recently and the team is delighted to have achieved the important step of a full buy-in significantly more quickly than expected. The careful planning and good teamwork with the Chamber and the advisers in implementation has worked well.”