Retail organisation Jarrold and Sons has completed a £19 million pensions buy-in transaction.
The transaction has secured pension payments for over 500 scheme members, as well as reduced pensions longevity risks for the organisation’s pension scheme, which is provided by Aviva.
Western Pension Solutions advised Jarrold and Sons on all aspects of the buy-in transaction. The organisation’s pension scheme trustees were advised by law firms Barnett Waddingham, Berkeley Burke and Co, and Mills and Reeve.
Christopher Doggett, finance director at Jarrold and Sons, said: “We are very pleased with this outcome. This was our first insurance transaction and marks another important step towards our ultimate goal of fully securing the futures of our scheme members and providing longer-term stability for shareholders.”