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Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension schemes, has sealed a £58 million partial buy-in with the Institute of Chartered Accountants’ Staff Pensions Fund (the “Fund”), securing the benefits of the 375 members who were not already insured. The transaction represents around 50% of the Fund’s total liabilities. |
The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world.
Edward Levy, Director of The Law Debenture Trust Corporation plc and Chair of the Fund, said: “The Fund has been on a long-term derisking journey and we are delighted to have concluded this latest stage with PIC. The team were flexible and constructive in helping us achieve our aims.”
Joshua Lenz, Origination Actuary at Pension Insurance Corporation, said: “We are pleased to have completed this transaction with the Trustee, helping increase overall security for the members. Our expertise across the whole of the market means we can support schemes of all sizes in achieving their objectives.”
Hymans Robertson acted as lead transaction advisor. Legal advice for PIC was provided by Addleshaw Goddard with the Trustee supported by Eversheds Sutherland.
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