Timpson’s pension scheme gets full buy-in thanks to K3 Advisory
K3 Advisory, the pension market’s only specialist independent bulk annuity and consolidator advisory business, today announced the completion of a full buy-in for the Timpson Group Pension Scheme with Just Group.
Timpson Group is the largest service retailer in the UK. The pension scheme has 369 pensioners and 694 deferred members.
Western Pension Solutions, the specialist pension consultancy that provides strategic advice to family businesses, provided strategic advice to Timpson and helped ensure they and the Scheme were well-placed to transact a buy-in.
Adam Davis, Managing Director at K3, commented: “Working with all parties to get this transaction done, and in such a short time frame of just under eight weeks, was extremely satisfying.
“The scheme worked hard to ensure data was up to date and accurate and had an extremely positive attitude in just getting things done to ensure they did not miss out on the excellent opportunity the market was providing. This meant we were able to present a fully prepared, appealing, opportunity to insurers enabling us to secure attractive pricing that worked for all parties.”
James Timpson, OBE, Chief Executive of Timpson Group, commented: “A key component to the success of our business has been putting our colleagues at the heart of it. We pride ourselves on our commitment to their wellbeing both when they are with us, and when they have retired or moved on – we have been listed as one of the UK’s best companies to work for over 18 years and that doesn’t stop when you retire.
“Providing security in retirement is just as important as any other benefit we provide. Our board could clearly see the opportunity a buy-in would provide in securing the best possible outcome for our members, and WPS and K3 guided us smoothly on the journey in an extremely short time frame.”
Gateley provided legal advice to the trustees, XPS are the administrator and investment adviser to the Scheme and First Actuarial were Scheme Actuary. Just retained internal legal counsel.