The Helaba Group is a commercial bank, central bank and partner for the German Sparkassen as well as a regional development bank with more than 6,600 people at 18 locations around the world.
Andrew Ashley Taylor, Chair of Trustees, said: “We are delighted to complete this transaction with PIC, improving security for members’ benefits. It is the culmination of several years of hard work and diligent stewardship by the trustees supported by their advisers, and special thanks to the Plan sponsor Landesbank Hessen-Thueringen, without whose support the transaction would not have been possible. The Trustee Board would like to thank our advisers - it has been a clear and smooth process to securing a great outcome for the Plan members.”
Tristan Walker-Buckton, Co-Head of Origination at PIC, said: “It’s rewarding to have concluded this buy-in with the Plan. PIC has both the appetite and the ability to transact across the whole market, giving schemes of all sizes an attractive option to achieve their objective of providing their members with long-term pension security. We look forward to working with the Trustees to provide the members of the Fund with a smooth transition to becoming PIC policyholders.”
Richard Gibson, Head of Risk Transfer and Partner at Barnett Waddingham (BW), said: “We are delighted to have led this transaction on behalf of the Trustees to secure a successful transaction in a competitive risk transfer market. Our sincere thanks to the Trustees, all advisers, and PIC for collaborating so effectively to achieve this transaction.”
The Trustees were advised by Barnett Waddingham as both lead transaction adviser and Scheme Actuary, CMS as legal adviser, and Isio as investment consultant. PIC was advised by Herbert Smith Freehills Kramer.
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