- Broadstone completed 15 deals in 2024 totalling £185m of premiums and covering 1,365 members
- Broadstone’s SM&RT Insure proposition now firmly recognised as a specialist in risk transfer for small to medium sized schemes
- Buoyant market and competitive pricing is encouraging for smaller schemes going into 2025 with steady growth in transaction numbers expected
Broadstone celebrated the 3 year anniversary of setting up its SM&RT Insure risk transfer proposition with its busiest ever year. A total of 15 bulk annuity transactions were completed covering 1,365 members, including 6 transactions in a 4 week period during October alone.
All transactions were less than £50m in premium size with volumes reaching a total of £185m and followed a mixture of competitive and exclusive processes, demonstrating an increasing appetite for smaller transactions from insurers.
SM&RT Insure – Set Up, Monitor & Risk Transfer was set up by Broadstone in 2021 to ensure there was an efficient and defined process for taking small and medium sized schemes through a bulk annuity transaction and to wind up. It was designed to provide confidence to insurers that SM&RT Insure schemes would be well prepared for a smooth transaction, increasing the likelihood of a successful and better value transaction for trustees.
Moving into 2025, Broadstone expects the momentum for smaller schemes in the pension de-risking market to continue building thanks to a buoyant market, competitive pricing and increasing insurer options at this end of the market.
Chris Rice, Head of Trustee Services at Broadstone, said: “Looking across our client portfolio in 2021, it was obvious that we needed to develop a quality risk transfer proposition that focused on small to medium sized schemes. Little did we know that within 12 months, scheme funding would be transformed and the proposition became vital.
“As we look back on our 3 year anniversary, we reached £500m being transacted through SM&RT Insure, which represents a significant number of transactions and hard work given the typical size of our deals. I am grateful to all those within Broadstone, the insurers, trustees and other involved advisers who have helped make transactions a success and improve the security of member benefits.
“As we start 2025, we expect steady growth in the number of transactions for smaller schemes compared to last year with more insurers interested in smaller deals, combined with competitive pricing. Trustees and sponsors of small schemes can be confident of a successful transaction, if properly prepared.”