BW advises PMI with Legal & General to achieve seamless full buyout

We're delighted to have advised the Trustee Directors of PMI Trustee Ltd on a full buyout of the Pensions Management Institute (PMI) Retirement and Death Benefits Scheme (the Scheme), with Legal & General (L&G). 

L&G have taken over responsibility for the payment and administration of benefits, allowing the scheme to wind-up and the PMI to fulfil its obligations to the scheme’s members.

The scheme entered into an insurance policy with L&G in March 2024, which secured members’ benefits in full. Following this, the scheme began a buy-in and data cleanse process under our expert guidance, ensuring a smooth and orderly transition of benefits to L&G. Members have received their individual annuity policies from L&G, and the scheme has completed the wind-up process.

BW acted as risk transfer and post-transaction advisers, while legal advice was provided to the Trustee by DLA Piper UK LLP.

The Trustee Directors of PMI Trustee Ltd are represented by Andrew Cheseldine of Capital Cranfield and Chris Parrott of BESTrustees. The Trustee is supported by Paula Lamb of Pensions Secretarial Limited.

The PMI is the UK's leading professional body dedicated to supporting and developing experts who manage UK pension schemes.

L&G is a leading provider of regulated insurance products for UK defined benefit pension schemes, with nearly 40 years of experience in the Bulk Annuity business.

Beth Allison who headed up the transaction on BW's side commented:

"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"

Dominic Moret, Head of Origination and Execution, UK PRT at L&G added: 

"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. 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."