Sackers advises on £20m buy-in for the General Council of the Bar Pension and Life Assurance Fund

The General Council of the Bar Pension and Life Assurance Fund has completed a full scheme buy-in with Pension Insurance Corporation for £20m. The transaction secures the benefits of 103 members of the Fund and marks the first buy-in within Mosaic, PIC’s streamlined service for smaller pension schemes with assets under £100 million.

Pavan Bhardwaj, Chair of Trustees for the Fund said: “We are very pleased to have completed a full scheme buy-in for the Fund, a significant step, which will enhance the security of all members’ benefits and remove uncertainty for the GCB. PIC’s Mosaic framework allowed us to work through the process efficiently as sole corporate trustee in order to capitalise on an improved funding position and achieve an excellent result for members.”

Partner Ralph McClelland, who led the Sackers team, added: “We were delighted to have supported the Fund in successfully concluding the first buy-in through PIC’s Mosaic service for smaller schemes, providing security to the 103 members of the Fund within a very short space of time. It was an excellent outcome and a great team effort from everyone involved.”

The Sackers team comprised Ralph McClelland, Ian Cormican, Liam Goulding and Emmijo Barwe.