The Trustee of Vistry’s Final Salary Pension Schemes has secured a £155m bulk purchase annuity buy-in with PIC for the Bovis Homes Pension Scheme, Galliford Try Final Salary Pension Scheme, and Kendall Cross Holdings Limited Pension and Assurance Scheme. All three schemes are sponsored by Vistry and the transaction covers 1,671 scheme members.
“This transaction is a great result for our members and is testament to the highly collaborative approach between the Trustee, Company, PIC and the Schemes’ advisers. We selected PIC due to its track record for delivering first class customer service and their focus on members,” said Sarah Leslie, Director at ndapt, the schemes’ trustee.
“We’re delighted to have completed this buy‑in across three Vistry schemes. Multi‑scheme transactions require careful coordination; working closely with the Trustee and advisers, we delivered a tailored solution that provides long‑term security for members,” added Jake Stanbridge, Origination Actuary at PIC.
Herbert Smith Freehills Kramer advised PIC and legal advice was provided to the trustee by CMS. LCP were the risk transfer consultants, advising the trustee.
“This is another example of a Trustee and Company working closely together to ensure a safe and secure home for their members’ pensions. We are pleased to have been able to support all parties in achieving such a positive result,” said Ken Hardman, Partner at LCP.