Pension Insurance Corporation has completed a £190 million buy-in of the Atradius UK Pension Scheme, securing pensions for 361 pensioners and dependents, 344 deferred members, and 66 active members.
This buy-in, which is supported by Atradius Crédito y Caución S.A. de Seguros y Reaseguros, safeguards accumulated benefits for each and every member. With its headquarters located in Spain, Atradius is a leading provider of trade credit insurance, surety, and debt collection services in more than 50 countries. The company employs 3,500 people and generates €2.5 billion in revenue annually.
Chair of the trustee of the scheme Michael Thomas says: “The buy-in transaction has gone above and beyond the objectives we set. Isio’s clear advice, which made complex points simple to understand, and Eversheds-Sutherland’s pragmatic legal advice, made a significant decision very easy for the Trustee. We are grateful for PIC’s flexibility in structuring the transaction in a way that meets our objectives and provides security to our members for the long term.”
PIC origination actuary Adam Dann says: “We are delighted to have completed this buy-in with the Atradius UK Pension Scheme. The preparation that the Trustees and the Company made prior to coming to market and the close collaboration between all the parties involved enabled this successful transaction.”
Isio director Karen Gainsford says: “This buy-in required innovative structuring to ensure it remains futureproofed and to achieve the Trustee and Company objectives. It was a pleasure to lead the advice to the Trustee alongside Eversheds-Sutherland. The Trustee and Company’s engagement and nimble decision making through the project meant that they were in prime position to seize the opportunity to transact.”