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PMI pension scheme completes full buyout with Legal & General

L&G has now taken over paying and administering benefits, which lets the scheme wind up and the PMI meet its obligations to members.

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Barnett Waddingham advised the trustee directors of PMI Trustee Ltd on a full buyout of the Pensions Management Institute (PMI) Retirement and Death Benefits Scheme with Legal & General (L&G). 

L&G has now taken over paying and administering benefits, which lets the scheme wind up and the PMI meet its obligations to members.

The scheme took out an insurance policy with Legal & General in March 2024 to secure benefits in full for members. 

After that, the scheme started a buy-in and data cleanse process, led by Barnett Waddingham, to make sure benefits moved smoothly to L&G. 

Members have received individual annuity policies, and the scheme has finished winding up.

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The trustee directors of PMI Trustee Ltd are Andrew Cheseldine of Capital Cranfield and Chris Parrott of BESTrustees. 

Paula Lamb of Pensions Secretarial Limited supported the trustee.

Barnett Waddingham acted as risk transfer and post-transaction advisers, with legal advice from DLA Piper UK LLP.

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Beth Allison, head of post-transaction and wind-up at Barnett Waddingham, said: “We are delighted to have worked closely with the Trustee and the PMI to help achieve their goal of securing members’ benefits in full and transferring them to L&G, and to have led this project from transaction preparation to buyout and wind-up.

“We are proud to have supported the PMI as a longstanding client and would like to thank the Trustee and its advisers for their expert steer and close collaboration, which has enabled a quick and efficient post-transaction process and resulted in a very positive outcome for members.”

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Dominic Moret, head of origination and execution, UK PRT at Legal & General, said: “This transaction is a great example of how pension schemes can transition to buyout swiftly and efficiently using L&G Flow, our tailored, end-to-end solution for smaller pension schemes. 

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“We are grateful to the Trustee and their advisers for their proactive and collaborative engagement, which ensured a smooth journey to this exciting milestone. 

“We are delighted to have secured the benefits of the Scheme’s members and look forward to supporting them in retirement.”

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