The Trustee of NG Bailey Pension and Life Assurance Plan has completed a £155m bulk purchase annuity buy-in with Pension Insurance Corporation.
NG Bailey is an independent engineering and infrastructure services provider. The transaction covers the benefits of 1,581 plan members.
“We were particularly impressed with PIC’s focus, commitment and passion in providing a great outcome for our members. It’s clear the team went above and beyond to provide competitive solutions that exceeded our expectations throughout the process,” said Jon Sharp, Director, Birchmoor, Trustee for NG Bailey Pension and Life Assurance Plan.
“We are delighted to have completed this transaction. The trustee and its advisors were clear on their objectives and well prepared, enabling a smooth and quick transaction. Member outcomes were a key priority for the trustee and we’re proud to have been selected in large part due to our focus on customer service for our policyholders,” added Deepash Amin, Head of New Business Strategy at PIC.
XPS acted as transaction advisor to the trustee and EY acted as transaction advisor to NG Bailey. The plan received legal advice from Walker Morris and Stephenson Harwood acted for the Company. PIC received legal advice from Slaughter and May.
“We are pleased to have led the advice to the trustee and to have helped improve the security of the Plan members’ benefits through this buy-in transaction. Working collaboratively across a joint working group between trustee and company teams meant we were able to complete this transaction both quickly and efficiently, securing an exceptional outcome for all parties,” said Stephen Purves, Head of Risk Settlement at XPS Pensions Group.