LCP advises on £35 million buy-in between Pension Insurance Corporation and the Associated Board of the Royal Schools of Music Pension Scheme
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Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension schemes, has today announced it has concluded a £35 million full buy-in with the Associated Board of the Royal Schools of Music Pension Scheme (“the Scheme”), securing the pensions of all 253 members.
The Associated Board of the Royal Schools of Music (“ABRSM”) offers face-to-face and digital exams, sheet music, recordings, apps and courses for students and teachers across the world.
John Bannister, Professional Trustee, representing Capital Cranfield Pension Trustees Limited the Trustee for the Associated Board of the Royal Schools of Music Pension Scheme said: “Working closely and collaboratively with the Charity we’re delighted to have completed this transaction with PIC which fully secures our members’ benefits. Their long track record of excellence in customer service means we are confident that PIC is the right choice for our members. Our thanks to our advisors and administrators LCP, Gowling WLG, Sackers and Broadstone for their expertise and support through the transaction and selection process.”
Joshua Lenz, Origination Actuary at PIC, said: “We are pleased we were able to strike the right chord with the Associated Board of the Royal Schools of Music Pension Scheme. The Trustees were focussed on the importance of customer service for their members, and we’re proud to have been selected on that basis.”
Matthew Bleakley, Senior Consultant at LCP, said, “It was a pleasure to advise the Trustee on this transaction. The PRT market is highly competitive this year, and we were delighted to run this transaction which demonstrates that schemes of all sizes are able to secure attractive pricing when they are well-prepared and follow robust processes.”
PIC were advised by CMS Cameron McKenna Nabarro Olswang. LCP were the lead transaction advisers for the Trustee using the LCP streamlined buy-in service, which simplifies the buy-in process for smaller schemes through pre-agreed terms. Legal advice was provided to the Trustee by Gowling WLG and Sackers.
