Askews Retirement Scheme has secured an £11m full-scheme buy-in with Legal & General (L&G), covering the benefits of all 86 scheme members.

The transaction was completed in mid-October and was made possible by a one-off discretionary contribution from the sponsor, Askews & Holt Library Services.

It covers all members, consisting of 64 pensioners and 22 deferred members, and completes the buy-in of all the scheme’s liabilities.

Following the buy-in, the scheme will now continue to full buyout and wind up.

The trustees were provided with annuity broking, as well as actuarial, investment consultancy and administrative services, by Broadstone, while legal advice was provided by Osborne Clarke.

“I am pleased we have completed the deal in this exceptionally busy market, having only been appointed recently to assist the trustees with this transaction,” said Align Pensions trustee, Darren Howarth.

“This deal was only possible due to the intense work completed, on a collaborative basis, between the trustees, sponsor and our advisers.

“We believe our members will be grateful for the efforts made by the sponsor, Broadstone, Osborne Clarke and L&G to secure their benefits.”

Also commenting on the announcement, L&G director, pension risk transfer, Celia Monteiro, said: “We are pleased to have provided increased certainty for the Askews Retirement Scheme members.

“Through working with the trustees on a sole insurer basis, the scheme was able to adopt L&G’s streamlined proposition to ensure a seamless and straightforward transaction, including the transfer of its Legal & General Investment Management assets.

“We look forward to continuing to support the scheme and its members going forwards.”

Broadstone senior actuarial director and deal lead, Mark Channon, added: “This transaction is the culmination of significant work by the trustees and advisers so it is really pleasing to have completed the deal.

“Leveraging our SM&RT Insure process, we’re delighted to have helped the trustees secure the member benefits at an affordable price for the sponsor.”

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