The Steria Management Plan Section of the Sopra Steria Retirement Benefits Scheme has completed a £113m bulk purchase annuity full buy-in with PIC. The buy-in secures the benefits of all 355 Section members within the scheme.
“We’re pleased to have agreed this transaction with PIC, which will secure our members’ benefits for the long term and means that they will continue to receive high-quality customer service. PIC has a well-founded reputation for providing excellent customer service levels and the focus on their policyholders shone through during the process,” said David Best, Deputy Chair of Trustees at the Sopra Steria Retirement Benefits Scheme.
“We were impressed with the focus of the Trustees on the member experience as part of the transaction, and we’re therefore delighted to have been selected. PIC is built around the delivery of our purpose, which is to pay the pensions of our current and future policyholders, and we look forward to welcoming the Scheme members in due course,” added Deepash Amin, Head of New Business Strategy at PIC.
Mercer advised the sponsoring employer Sopra Steria Limited and led the insurance broking. CMS advised PIC and legal advice was provided to the trustee by Gowling WLG.
“We are proud to have led this project, working in close strategic collaboration with the Trustee and Scheme sponsor from the outset to secure the benefits of Section members. Through a focused and competitive selection process, the strong partnership ensured that the shared objectives were successfully achieved,” said Mercer’s Chris Hawes.