Legal & General Assurance Society Limited said it has completed a £34 million buy-in with the Walkers Shortbread Limited Retirement Benefits Scheme, securing the benefits of 161 retirees and 238 deferred members.

The scheme is a client of Legal & General’s Asset Management division, which invested and managed all of the scheme’s assets. This longstanding relationship led to the trustees working exclusively with Legal & General using its Flow solution.

“Under Flow, Legal & General provided the trustees with immediately transactable pricing, which was locked to the value of the scheme’s assets, so that the trustees could move quickly to complete the transaction knowing that affordability wouldn’t change,” said Legal & General.

“As the scheme was invested in Asset Management funds, the trustees were able to pay the premium via novation of their unit investments, ensuring an efficient asset transfer with no additional costs.”

Barnett Waddingham served as an advisor to the trustees, while Pinsent Masons provided the trustees with legal advice.

Mike Kennedy, Director at ProPensions Limited, Chair of the Trustee Board: “This was a textbook transaction that showed the benefits of getting the preparation stages right.

“From deciding to proceed with a transaction, the trustees, advisers, and employer worked closely over the next few months to get the Scheme buy-in ready.

“Through Barnett Waddingham’s ongoing engagement with Legal & General we identified an opportunity to transact sooner than planned.

“With Barnett Waddingham’s clear and timely support, as well as that of our legal advisers at Pinsents, we were able to take advantage of that opportunity and secure a fantastic outcome for the Scheme members and the sponsoring employer.”

Adam Walker, Risk Transfer Partner, and Euan Sunderland FFA, Risk Transfer Consultant at Barnett Waddingham LLP, said: “After nearly twenty years of working with the trustees and the company to create greater security for members, the scheme was well prepared to capitalise on a timing opportunity and do a deal with the client’s preferred insurer.

“Our team’s thorough understanding of both Legal & General’s Flow solution and the scheme itself made this possible, along with Legal & General’s pro-activity and co-operation throughout. The willingness of the trustees and company to act quickly resulted in a great outcome for Scheme members.”