The Institution of Mechanical Engineers Pension Scheme has concluded a £40m bulk purchase annuity buy-in with PIC. The deal covers the pensions of all 200 scheme members.
“It is a great achievement to reach this significant milestone. This is the culmination of many years of hard work by Trustees past and present, which would not have been possible without the Institution’s diligent support of the Scheme. We would also like to thank our advisers Barnett Waddingham and Sackers for their leadership through the Scheme’s journey to this stage, and Pension Insurance Corporation for working with the Trustees to achieve this buy-in transaction,” said Isobel Pollock-Hulf OBE, Chair of Trustees.
“PIC is delighted to have worked with the Trustees of the Institution of Mechanical Engineers Pension Scheme. We look forward to collaborating with them to provide the members of the Scheme with a smooth transition to becoming PIC policyholders. PIC has the capacity to serve the smaller end of the market and give schemes an additional attractive option to achieve their objectives in the buyout market,” added Richard Quintian, Head of Pricing and Funded Reinsurance at PIC.
Barnett Waddingham acted as actuarial, administration, investment and risk transfer advisers, while legal advice was provided to the trustees by Sackers. PIC was advised by CMS.
“We are delighted to have led this transaction, successfully navigating an exceptionally busy risk transfer market. The scheme is one of BW’s longstanding clients, and our team has worked with the trustees over many years to help make their goal of insuring all benefits a reality. We worked closely with the trustees to ensure the scheme was well-placed to obtain competitive proposals from insurers and also with the Joint Working Group to ensure that all stakeholders were suitably engaged throughout,” said Nikhil Patel, Risk Transfer Partner at Barnett Waddingham.
