Citrus completes £6.5m buy-in
We're pleased to confirm we've completed a c£6.5m buy-in with Legal & General for the Amey Services Section of the plan.
The transaction, covering all of the liabilities that the Amey Section holds within Citrus, has been described as a great success, further increasing the security of member benefits. The process that we have developed for insuring different sections’ benefits and the efficiency and leverage we're able to apply as a Master Trust were particularly important in securing excellent terms for a relatively small UK DB section.
The transaction also highlights the ability to carry out fast and efficient pricing in a busy market. The parties completed the transaction within just eight weeks of the Trustee sharing the initial data with Legal & General.
You can read the full story in our case study.
The fantastic support from Amey, and our advisers Hymans Robertson and Addleshaw Goddard, has enabled us to secure this buy-in with Legal & General. Legal & General’s streamlined approach meant we were able to complete the transaction, amidst some of the most challenging market conditions in many years, in a very efficient manner. Citrus serves to deliver member benefit security and we take another step on that journey by completing this buy-in for the Amey Section. We expect to complete further transactions in 2023, securing benefits for more of the Citrus membership.
Marcus Hurd, Citrus Chair of Trustees
Amey is grateful to the Trustee and its advisers for their efforts in concluding this transaction, which enhances members’ security whilst reducing balance sheet risk in line with Amey’s pension strategy.
Andrew Devlin, Group Pensions Director at Amey