Pension Insurance Corporation (PIC) has completed a £870 million buy-in with De Beers UK Pension scheme.
The deal secures the pensions of 1,464 existing pensioners and 473 deferred members of the scheme.
Hymans Robertson was the lead adviser while Barnett Waddingham’s pension administration and pension executive & management services teams supported the trustees.
PIC co-head of origination Tristan Walker-Buckton says: “PIC is proud to have worked with the Trustees of the De Beers UK Pension Scheme to de-risk the Scheme, removing the risk associated with the Scheme from the Company’s balance sheet, and providing security to all their members for the long-term. 2024 has started strongly in the pension risk transfer market and we expect another record-breaking year.”
Scheme chair of trustees Mike Page says: “This buy-in is the result of many years of hard work as we pursued a long-term de-risking strategy. I want to thank my fellow Trustees and our professional advisers, Hymans Robertson, Barnett Waddingham and Linklaters for their role throughout the process in scoping and executing the transaction, which further increases the security of Scheme members’ benefits. PIC was selected for its flexibility and ability to complete the transaction in volatile markets, as well as its overall track record, including a deep-seated commitment to customer care.”
Hymans Robertson partner Dr Richard Wellard says: “We are very pleased to have been able to help the Trustees secure their members’ benefits and achieve their goal. It reflects the vibrant bulk annuity market, but also the preparedness of the Scheme, which is a vital factor in ensuring that insurers focus on a particular transaction over the many other opportunities brought to them.”
Barnett Waddingham partner Sue Foley: “As Scheme Administrator and Scheme Secretary to the De Beers UK Pension Scheme, this is a proud moment to see the Scheme transact after years of planning. It has been a pleasure working with the Trustee Board and other advisers supporting them through a complex landscape, culminating in a buy-in that secures and safeguards the futures of the members. This is a testament to the strength of our growing risk transfer capabilities, where we can provide different areas of support across a range of different departments depending on our clients’ requirements.”