The trustee of the Bibby Line Group Ltd Pension Scheme has completed a £55m full scheme bulk purchase annuity buy-in with PIC. The deal covers the pensions of 667 members.
“The main objective for this transaction was to secure the pensions of our members, whilst maintaining dedicated support for them. In preparation for the transaction, we had already conducted a significant data cleansing process, allowing us to move quickly with the insurer of choice. We were really impressed with PIC’s ability to work at speed, alongside its clear focus on customer service and well thought through transition plan. I want to thank the PIC team for the flexibility and innovation displayed, in order to complete this transaction expediently,” said Nicholas Chadha of PAN Trustees, the scheme’s professional trustee.
“Organisation was a key element of this transaction due to tight timeframes. Our teams were able to mobilise quickly to ensure that we could meet the timescales set by the Trustee and achieve the main objective of the Scheme, securing its members benefits for the long term. We pride ourselves on providing excellent customer service and are delighted that the Trustees recognised this, entrusting us with their members’ pensions,” added George Milligan, Origination Actuary at PIC.
Herbert Smith Freehills Kramer advised PIC and PwC led the advice to the joint working group comprising both trustee and company representatives. DLA Piper provided legal advice to the trustee, who were also provided administration and actuarial advice by Cartwright.
“We were delighted to advise the Joint Working Group on this transaction. The work that had already been carried out on the member data and scheme benefits meant that the Scheme was in a great position to move at pace and quickly enter a buy-in transaction. Close collaboration between all parties over a short but intense period made this possible,” said George Milligan, Origination Actuary, at PIC.