The Atradius UK Pension Scheme, sponsored by Atradius Crédito y Caución S.A. de Seguros y Reaseguros, has concluded a £190m bulk purchase annuity buy-in transaction with PIC. The deal secures the pensions of both deferred and pensioner members of the scheme, along with benefits accrued to date for current active members. The scheme comprises 361 current pensioners and dependents, 344 deferred members and 66 active members.
“The buy-in transaction has gone above and beyond the objectives we set,” said Michael Thomas, Chair of the trustee of the scheme.
“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,” Thomas added.
“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,” added Adam Dann, Origination Actuary at PIC.
“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,” said Karen Gainsford, Director at Isio.
The scheme received legal advice from Eversheds-Sutherland and PIC received legal advice from Herbert Smith Freehills.
