Barnett Waddingham announced recently that Legal & General Assurance Society Limited (“L&G”), a specialist insurer of defined benefit pension funds, was selected following a robust insurance market review. The buy-in policy means that the benefits for all the Scheme’s members are now insured. Here are the details FYI;
Barnett Waddingham acted as actuarial, administration, investment and risk transfer advisers, while legal advice was provided to the Trustees by Arc Pensions Law.
The transaction was agreed in October 2025 and covers c. 100 members.
Clive Grimley, Chair of Trustees, said: “It is a great achievement to reach this significant milestone. This is the culmination of many years of hard work by Trustees past and present, which would not have been possible without the continued support of the sponsoring employer. The Trustee Board would like to thank our advisers Barnett Waddingham and Arc Pensions Law for their support and leadership through the Scheme’s journey to this stage, and to L&G for working with the Trustees to achieve this buy-in transaction.”
Adrian Somerfield, Origination and Execution Director at L&G, said: “L&G is pleased to have worked with the Trustees of the Ferno (UK) Limited Retirement and Death Benefits Scheme. It has been great to showcase the value of our Flow solution for this transaction, which enables us to provide tailored, end-to-end support for pension schemes.”
Jon Ellis, Chief of Global Strategy – Manufacturing & Regional Managing Director at Ferno Group, said: “We are delighted that the Scheme has been able to reach this agreement with L&G which is a positive outcome for both members and Ferno. Members’ benefits remain safe, and this is a simpler way of managing this pension scheme, allowing Ferno to focus on its strategy and purpose. We are pleased to have worked closely with the Trustees and their advisers to support the Scheme to complete this transaction.”
Adam Walker, Risk Transfer Partner at Barnett Waddingham (BW), said: “We are proud to have led this transaction, successfully navigating an exceptionally busy risk transfer market. Our team has worked with Ferno and the Trustees over a number of years to help make their goal of insuring all benefits a reality. We worked closely with the Trustees to facilitate a transaction that meets their objectives and secures members’ benefits with a household name.”
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