The Royal Society of Chemistry Pension Scheme has completed an £83m full scheme bulk purchase annuity buy-in with PIC. The transaction secures the benefits of all 468 scheme members.
“We are delighted to have reached this important milestone, securing our members’ benefits for the long term. Right from our first conversations with PIC, we have been impressed by their approach to customer service – they have shown they are the right partner to support our ambitions in de-risking the Scheme. I want to thank my co-Trustees (especially our Professional Trustee Alison Bostock from Zedra), our many advisors and the PIC team for their focus, dedication and communication, helping us reach this stage so efficiently. It has been a pleasure working with such a professional group of people,” said Andy Pateman, Chair of Trustees for The Royal Society of Chemistry Pension Scheme.
“PIC’s customer service capability and proven expertise in supporting schemes through complex de-risking journeys were key to securing this transaction. The trustee was impressed by our ability to deliver first-class service from the outset, while providing the experience and certainty needed to help de-risk the scheme,” added Jake Stanbridge, Origination Actuary at PIC.
PIC were advised by CMS). LCP were the lead transaction advisers to the trustees, with Addleshaw Goddard and Osborne Clarke providing legal advice, and Mercer providing actuarial and investment advice.
“This transaction demonstrates the benefits of a well-prepared scheme and a strong, collaborative relationship between the trustees and sponsor with a real focus on member outcomes. That shared focus and alignment helped achieve a strong outcome for both parties, while further improving the security of members’ benefits,” said Jamie Naik, Principal at LCP.
