Isobel Pollock-Hulf OBE, 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 Institution’s diligent support of the Scheme. We would also like to thank our advisers Barnett Waddingham and Sackers for their leadership through the Scheme’s journey to this stage, and Pension Insurance Corporation for working with the Trustees to achieve this buy-in transaction.”
Matt Garside, President at the Institution of Mechanical Engineers, said: “We are delighted that the Scheme has been able to reach this agreement with Pension Insurance Corporation. It is a very positive outcome. Members’ benefits remain safe, and this is a simpler way of managing this pension scheme, allowing the Institution 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.”
Richard Quintian, Head of Pricing and Funded Reinsurance at PIC, said: “PIC is delighted to have worked with the Trustees of the Institution of Mechanical Engineers Pension Scheme. We look forward to collaborating with them to provide the members of the Scheme with a smooth transition to becoming PIC policyholders. PIC has the capacity to serve the smaller end of the market and give schemes an additional attractive option to achieve their objectives in the buyout market.”
Nikhil Patel, Risk Transfer Partner at Barnett Waddingham (“BW”), said: “We are delighted to have led this transaction, successfully navigating an exceptionally busy risk transfer market. The Scheme is one of BW’s longstanding clients, and our team has worked with the Trustees over many years to help make their goal of insuring all benefits a reality. We worked closely with the Trustees to ensure the Scheme was well-placed to obtain competitive proposals from insurers and also with the Joint Working Group to ensure that all stakeholders were suitably engaged throughout.”
Barnett Waddingham acted as actuarial, administration, investment and risk transfer advisers, while legal advice was provided to the Trustees by Sackers. PIC was advised by CMS.
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