Pension Insurance Corporation has concluded a pension insurance buy-in with the Trustee of the TI Group Pension Scheme. The transaction covers around £170 million of liabilities, taking the total liabilities insured by the Scheme to more than £800 million. Mayer Brown and Aon Hewitt advised the Trustee.
Smiths Group plc, a global technology business listed on the London Stock Exchange, is the sponsoring employer of the TI Group Pension Scheme.
John Edwards, Chairman of the Trustee, said: “This transaction is part of a long-term policy to de-risk our pensioner liabilities and I am delighted that we have been able to place this business with PIC. Our advisers and the team at PIC have been proactive and responsive to our needs in helping us to complete this transaction on terms that are attractive to the Scheme.”
Paul Belok at Aon Hewitt said: “We are delighted to have been able to help the Trustee of the TI Group Pension Scheme insure their pensioners. Their approach has been measured and sensible, insuring tranches of the pension scheme as market conditions and other factors align to allow them to lock down risk over a number of years.”
Jay Shah, co-Head of Origination, at Pension Insurance Corporation, said: “This transaction reflects a logical step for the Trustee of the TI Group Pension Scheme and we are proud to have completed this transaction with an experienced Trustee Board. This is PIC’s 25th transaction this year and we continue to see strong demand from Schemes looking to benefit from the removal of the impact of investment uncertainty, longevity and volatility.”
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