This transaction was driven by the Sponsoring Employer who were keen to reduce risk and remove liabilities from the balance sheet. LCP were appointed as lead advisor on the bulk annuity transaction.
The background
This transaction was driven by the Sponsoring Employer who were keen to reduce risk and remove liabilities from the balance sheet.
Our solution
LCP were appointed as lead advisor on the bulk annuity transaction, liaising with incumbent advisors to execute the transaction in a joined up fashion.
The results
We achieved a bulk discount in excess of 15% without any prior data cleanse, as the original data was in reasonably good shape. The data cleanse is still being undertaken and is expected to result in further (small) savings for the Scheme.
The Trustees were extremely impressed with the effectiveness of our process and on the back of this project, we were immediately appointed to undertake a €20m buy out of a sister scheme, which we recently completed.
