Pensions - Articles - Imation pension scheme insured by PIC

 Pension Insurance Corporation has concluded a pension insurance buyout with the Trustees of the Imation (UK) Pension Scheme. The transaction covers £21 million of liabilities. Jardine Lloyd Thompson advised the Trustees.

 Imation is a US based multi-national corporation that designs, manufactures, sources and markets a wide range of recordable data storage media and consumer electronics products. The company originally consisted of former 3M divisions.

 John Beckett, on behalf of the Trustees, said: “We are very pleased to have been able to secure our members’ benefits for the long-term with this transaction. As other Trustee boards have no doubt experienced, market volatility can be a big impediment to insuring pension liabilities. With help from our advisers and the flexibility of the PIC team we were able to secure these benefits at an opportune moment.”

 Tiziana Perrella, Principal at JLT, said: “We are very happy to have assisted the Trustees with the selection of a suitable partner for this transaction. The Trustees were able to secure a robust contract for a very competitive price, with an insurer they assessed would best look after the scheme members in years to come.”

 Mitul Magudia, Actuary at Pension Insurance Corporation, said: “We are delighted to have been selected by the Scheme who recognised the benefits of PIC’s specialist knowledge and capabilities in this area.”