Both the C&J Clark Pension Fund – CJC Section and Flexible Section have completed a second buy-in with PIC for £540m. This latest transaction follows the fund’s first buy-in with PIC for £280m in 2022; PIC has now insured all £820m of the fund’s defined benefit liabilities. The deal secures the pensions of almost 5,000 pensioners and dependants and over 3,000 deferred policyholders.
“We’re delighted to have completed this transaction with PIC, which secures the long-term security of all our members’ benefits. Our experience of PIC’s customer service following the previous transaction meant choosing to work with them again was an easy decision,” said Libby Edwards, Chair of the Fund.
“We are pleased to achieve our long-standing ambition to fully buy-in the C&J Clark Pension Fund which is a major step in fully securing members’ benefits at the same time as eliminating pension related balance sheet volatility. We would like to thank the fund trustee and the support of all the advisers for their hard work in achieving this milestone,” said Philip Yau, Chief Financial Officer at Clarks.
“It is always rewarding to complete repeat business with clients who have had first-hand experience of our exceptional customer service. We are delighted to have extended our relationship with the fund and its members. It has been a pleasure working with the trustees and their advisers to secure this transaction,” added Deepash Amin, Head of New Business Strategy at PIC.
“The buy-in represents a positive step in the management of the fund as part of the good work of the trustee in continuing to implement its derisking strategy for the members with support from the company. The key to success was early engagement with the insurers, setting out a clear set of objectives so that the trustee was able select the right partner for their members,” said Michael Abramson, Partner at Hymans and lead adviser to the Trustee.
Isio led the advice to Clarks Footwear with legal advice from Burges Salmon. The trustee received legal advice from Travers Smith, investment advice from WTW and covenant advice from Penfida. PIC was advised by CMS.
