Broadstone advises Lowman Pension Scheme on £10m buy-in with Legal & General

Broadstone has advised on a full scheme buy-in for the Lowman Pension Scheme with Legal & General in a £10m transaction. 

The deal secures benefits for all 115 uninsured members, including 52 deferred members and 63 pensioners. 

The scheme is sponsored by Lowman Manufacturing Limited, a property management company based in mid-Devon. 

Broadstone’s SM&RT Insure – Admin took on the administration and prepared data for quotations within three months, as the previous administrator did not have the capacity for a bulk annuity market approach. 

The SM&RT Insure risk broking team worked with Legal & General to process the buy-in quickly. 

Chris Rice, deal lead and head of trustee services at Broadstone, said: “When we started discussing a potential buy-in last year, with the Company setting aside funds to facilitate the transaction, it quickly became clear that dedicated and expert administration support was required. 

“It is satisfying that Broadstone’s administration could deliver market-ready data so quickly and facilitate this transaction with L&G at pace.”

Bruce Beacham, chair of trustees, said: “After two past buy-ins and a bulk transfer out of the defined contribution section, it is rewarding now to have secured the benefits of our remaining members.