Partnership has completed a £5.1m buy-in for all pensioners currently ‘in payment’ in the Plasser Machinery Parts & Services Ltd Pension and Assurance scheme.
As part of this deal, Plasser – a market leader in modern rail track maintenance – worked closely with Partnership and Gallagher Employee Benefits to de-risk the scheme and provide members with the reassurance of a retirement income guaranteed by a large insurer who meets stringent FCA standards.
Key to delivery of these objectives was the use of Partnership’s one-page medical questionnaire which encouraged pensioner engagement while at the same time gathering sufficient information on which to base a buy-in agreement.
Mike Walsh, Head of DB Solutions at Partnership said:
“We were pleased to be appointed to manage the buy-in of the Plasser Machinery Parts & Services Ltd Pension and Assurance scheme. This provided us with the opportunity to not only work closely with their excellent in-house team and Gallagher Employee Benefits but also to make full use of our medical underwriting capabilities.
Anne Yeo, Finance Director at Plasser UK Limited, commented:
“De-risking a pension scheme at below Buy-Out cost can only be achieved on medical grounds. This is a complex process but by working closely with Partnership and Gallagher Employee Benefits, we managed a good balance of engagement and sensitivity with our pensioners and the process worked well. The one-page medical questionnaire was fundamental to the process and we are pleased with the outcome. The after sales services from both Partnership and Gallagher Employee Benefits are proving invaluable as well.”
Paul Kiely, Regional Director at Gallagher Employee Benefits, commented:
“Ensuring that Plasser obtained a successful de-risking outcome was a key consideration but also that the members of its pension scheme were happy and well informed. Not only were those goals achieved but due to the hard work of all concerned, the process was carefully managed and ran smoothly.”
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