PIC concludes £36m buy-in with Helaba Pension and Life Assurance Plan
Pension Insurance Corporation, a specialist insurer of defined benefit pension schemes, has concluded a £36 million buy-in with the Helaba (London) Pension and Life Assurance Plan, covering the pensions of all 156 members.
Helaba Group is a commercial bank, central bank and partner to the German Sparkassen, as well as a regional development bank.
The Trustees were advised by Barnett Waddingham, acting as both lead transaction adviser and scheme actuary, CMS as legal adviser, and Isio as investment consultant. Meanwhile, PIC was advised by Herbert Smith Freehills Kramer.
Tristan Walker-Buckton, Co-Head of Origination at PIC, commented, “It’s rewarding to have concluded this buy-in with the Plan.
“PIC has both the appetite and the ability to transact across the whole market, giving schemes of all sizes an attractive option to achieve their objective of providing their members with long-term pension security.
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“We look forward to working with the Trustees to provide the members of the Fund with a smooth transition to becoming PIC policyholders.”
Andrew Ashley Taylor, Chair of the Trustees, said, “We are delighted to complete this transaction with PIC, improving security for members’ benefits.
“It is the culmination of several years of hard work and diligent stewardship by the trustees supported by their advisers, and special thanks to the Plan sponsor Landesbank Hessen-Thueringen, without whose support the transaction would not have been possible.
“The Trustee Board would like to thank our advisers – it has been a clear and smooth process to secure a great outcome for the Plan members.”
Richard Gibson, Head of Risk Transfer and Partner at Barnett Waddingham, noted, “We are delighted to have led this transaction on behalf of the Trustees to secure a successful transaction in a competitive risk transfer market.
“Our sincere thanks to the Trustees, all advisers, and PIC for collaborating so effectively to achieve this transaction.”
In related news, PIC very recently finalised a £4.3 billion buy-in with the Rolls-Royce UK Pension Fund. In July, the firm also completed a £40 million buy-in with the Institution of Mechanical Engineers Pension Scheme.
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