Buy Ins

From our initial appointment in 2008 we worked with our client to maximise their governance framework and facilitate the successful completion of a Buy-in for all defined member benefits in March 2020.

Key Points

When appointed the Scheme had seen a significant drop in their funding position post the 2008 financial crisis.

The sponsor was also facing financial constraints and unable to contribute significant recovery contributions to plug the gap.

Inside Pensions provided a cost-effective solution for outsourcing the secretariat and pension manager role at a time when budgets were constrained.

It helped build a strong governance framework to monitor the long-term funding plan and ensure effective communication between all parties at every stage of the journey.

It monitored and cross checked all the Scheme’s expenses to ensure they remained in budget.

It ensured compliance from a regulatory viewpoint and supported the members’ experience.

It helped organise the tender for the buy-in advisor and supported the negotiations with Aviva, the buy-in provider.

It consulted effectively with the sponsor throughout the whole journey, ensuring that it was involved every step of the way and that the plans were understood and affordable.

The result

Against the backdrop of COVID-19 and extreme market turbulence, the deal was completed on the 16 March 2020, two years ahead of schedule and with enough money to cover all subsequent wind-up costs and outstanding GMP equalisation projects.

“As a small scheme with minimal resource, we had to think differently to achieve our long-term objective. Inside Pensions provided us with a strong governance model which kept everyone working together to achieve the desired outcome within budget and well ahead of schedule”.
David Loasby, Trustee, GHG Pensions Plan