The Holophane Retirement Benefits Scheme, sponsored by Holophane Europe Limited, has completed a bulk purchase annuity buy-in transaction with PIC, a specialist insurer of defined benefit pension schemes. The buy-in covers the pension benefits of 95 pensioners and dependents, and 74 deferred scheme members and is worth £24m.
“The completion of this buy-in marks a significant milestone in the strategic de-risking journey of the Scheme and delivering financial security for members,” said Payam Kazemian, on behalf of ZEDRA Governance Limited, the Chair of Trustees.
“It was great to work collaboratively with the Company, our advisers, and PIC to achieve this outcome. The advantage of PIC offering a whole of market solution means that this smaller sized transaction nonetheless brings long-term security to the Scheme members’ benefits,” Kazemian added.
“We are delighted to have supported the scheme and the company in securing this buy-in for all of the scheme’s members. This deal demonstrates PIC’s ability to help trustees of schemes of all sizes secure their members’ benefits for the long term. By working exclusively with the scheme, we were able to deliver a solution tailored to their needs. The scheme’s advisors ran an effective process, and were a pleasure to work alongside,” said Jake Stanbridge, Origination Actuary at PIC.
Cardano acted as lead transaction adviser to the trustees. The scheme received legal advice from Eversheds Sutherland, actuarial advice from Mercer and investment advice from both Cardano and Mercer. PIC received legal advice from CMS.
“It’s been a pleasure to advise on this transaction, supporting the trustees in achieving a positive outcome for members. Thorough preparation and the right market approach strategy facilitated this trade on attractive terms, even for a small scheme,” said Adolfo Aponte, Managing Director at Cardano.
