The transaction secures the pensions of both deferred and pensioner members of the Scheme, along with benefits accrued to date for current active members. The Scheme is sponsored by Atradius Crédito y Caución S.A. de Seguros y Reaseguros (“the Company”), and the buy-in comprises 361 current pensioners and dependents, 344 deferred members and 66 active members.
Headquartered in Spain, the Company is a world-leading provider of trade credit insurance, surety and debt collection services with a presence in over 50 countries. Employing over 3,500 people, it has revenues of €2.5 billion.
Michael Thomas, Chair of the Trustee of the Scheme, said: “The buy-in transaction has gone above and beyond the objectives we set. Isio’s clear advice, which made complex points simple to understand, and Eversheds-Sutherland’s pragmatic legal advice, made a significant decision very easy for the Trustee. We are grateful for PIC’s flexibility in structuring the transaction in a way that meets our objectives and provides security to our members for the long term.”
Adam Dann, Origination Actuary at PIC, said: “We are delighted to have completed this buy-in with the Atradius UK Pension Scheme. The preparation that the Trustees and the Company made prior to coming to market and the close collaboration between all the parties involved enabled this successful transaction.”
Karen Gainsford, Director at Isio, said: “This buy-in required innovative structuring to ensure it remains futureproofed and to achieve the Trustee and Company objectives. It was a pleasure to lead the advice to the Trustee alongside Eversheds-Sutherland. The Trustee and Company’s engagement and nimble decision making through the project meant that they were in prime position to seize the opportunity to transact.”
The scheme received legal advice from Eversheds-Sutherland and PIC received legal advice from Herbert Smith Freehills LLP.
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