The Fund is sponsored by C&J Clark International Limited (“the Company”). The Company, trading as Clarks, is a famous British footwear retailer founded in 1825 by Cyrus and James Clark in Street, Somerset, where its headquarters remain. The Clarks brand owns over 500 stores around the world, as well as hundreds of franchises located globally.
Libby Edwards, Chair of the Fund, said: “We’re delighted to have completed this transaction with PIC, which secures the long-term security of all our members’ benefits. Our experience of PIC’s customer service following the previous transaction meant choosing to work with them again was an easy decision.”
Philip Yau, Chief Financial Officer at Clarks, said: “We are pleased to achieve our long-standing ambition to fully buy-in the C&J Clark Pension Fund which is a major step in fully securing members’ benefits at the same time as eliminating pension related balance sheet volatility. We would like to thank the Fund Trustee and the support of all the advisers for their hard work in achieving this milestone.”
Deepash Amin, Head of New Business Strategy at PIC, said: “It is always rewarding to complete repeat business with clients who have had first-hand experience of our exceptional customer service. We are delighted to have extended our relationship with the Fund and its members. It has been a pleasure working with the Trustees and their advisers to secure this transaction.”
Michael Abramson, Partner at Hymans and lead adviser to the Trustee, said: “The buy-in represents a positive step in the management of the Fund as part of the good work of the Trustee in continuing to implement its de-risking strategy for the members with support from the Company. The key to success was early engagement with the insurers, setting out a clear set of objectives so that the Trustee was able select the right partner for their members.”
Isio led the advice to the Company with legal advice from Burges Salmon. The Trustee received legal advice from Travers Smith, investment advice from WTW and covenant advice from Penfida. PIC was advised by CMS.
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