The Trustee of the Interface Europe Pension Scheme has completed an £85m bulk purchase annuity buy-in with PIC. The transaction secures the benefits of 1,117 scheme members.
“We’re very pleased to have concluded this transaction with PIC. This was not a straightforward transaction, but with the hard work of Scheme advisers, support from the employer, and flexibility from PIC, we believe we’re together providing the best outcome that the market can offer for our members. I want to thank the employer, our advisers, and the PIC team, for their collaborative approach throughout the transaction,” said Jo Harris, Chair of the Trustee at Dalriada Trustees.
“At PIC, we pride ourselves on delivering first-class customer service, so we’re proud as this was recognised as a key factor in securing the transaction. The Trustee was focussed on achieving a smooth, efficient outcome for members and our team worked collaboratively to complete the transaction,” added Deepash Amin, Head of New Business Strategy at PIC.
PwC was the lead transaction adviser to the Trustee, with Isio having supported with long-term actuarial and benefit consultancy to the scheme and Eversheds Sutherland providing legal advice. PIC was advised by CMS Cameron McKenna Nabarro Olswang.
“We are proud to have led the advice to the Trustee on this transaction with PIC. This was a collaborative process, showing the value of preparation ahead of time and early market engagement, which meant that a number of complexities were dealt with efficiently. This collaboration and flexibility from all parties allowed the Trustee to achieve a great outcome for the Scheme’s membership,” said Sam Whalley, Lead Risk Transfer Adviser at PwC.
