The Wednesbury Pension Scheme, Bilston, England, completed a £43 million ($54 million) full scheme buy-in with Just Group, according to a news release.
The plan’s sponsor is Mueller Europe, a U.K.-based manufacturer and distributor of copper tube for plumbing, heating and industrial applications, trading under the Wednesbury and Yorkshire brands.
The plan had sufficient funds available to secure the buy-in without additional contributions from the employer. The transaction secures the benefits of all 384 plan participants and coveres all plan liabilities.
“Like many plan sponsors, passing our plan to pension professionals to give greater security to participants has been our long-term aim," Mark Millerchip, managing director at Mueller Europe, said in the news release. "Mueller Europe would like to thank all parties that helped make the buy-in happen.”
Broadstone provided annuity broking services to Mueller and acted as an investment consultant. The plan is administered by Atkin Pensions, and legal advice to the trustees was provided by Neon Legal. Just Group received internal legal advice.
