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Pensions & Retirement

Broadstone advises Aviva’s £11m full scheme buy-in for DAC Beachcroft

The scheme trustees and sponsor were keen to work quickly on getting the benefit specification, membership data and investment strategy in a position to approach insurers.

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Broadstone advises Aviva’s £11m full scheme buy-in for DAC Beachcroft
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The DAC Retirement Benefits Scheme has secured a £11m full scheme buy-in with Aviva, following advice from Broadstone.

The scheme was sponsored by DAC Beachcroft LLP, a leading international law business.

The scheme trustees and sponsor were keen to work quickly on getting the benefit specification, membership data and investment strategy in a position to approach insurers.

The £11m transaction with Aviva, which included a top-up contribution from the sponsor, secures the benefits of all 15 deferred members and 25 pensioner members and completes the buy-in of all scheme liabilities.

Broadstone provided annuity broking advice, adding to their existing appointment for scheme actuary, administration and investment consultancy services.

Legal advice was provided to the trustees by Pinsent Masons.

Mark Channon, deal lead at Broadstone, said: “I am really pleased to have completed this transaction less than six months after being instructed by the trustees and sponsor.

“The speed at which the scheme was prepared showed the value of the collaborative approach between the administrators and advisers at Broadstone, Pinsent Masons and the engagement of the trustees and sponsor.

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“The Clarity service provided by Aviva worked seamlessly in delivering a quote just two weeks after submitting the details while still allowing enough flexibility to accommodate some non-standard aspects.”

David Hertzell, chair of trustees, added: “The trustees were keen to secure the liabilities with an insurer and, after considering the options available, were keen to work exclusively with Aviva through the process.

“The trustees were grateful for the sponsor’s support in the process, ensuring the transaction could proceed smoothly and at a cost that was acceptable.

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“Broadstone’s support and advice was greatly appreciated and the speed with which we navigated through to signing was a testament to Broadstone and all our advisers.”

Andrew Shaposhnikov, deal manager at Aviva, added: “It’s great to be chosen as an exclusive partner, especially when receiving such a well-prepared scheme – something that reflects Broadstone’s thorough approach.

“The Clarity service is perfectly suited to schemes like this, enabling us to work quickly to provide a transactable quote. We look forward to supporting the trustees through the next stages of the scheme’s journey.”

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