Specialist insurer of defined benefit pension funds, Pension Insurance Corporation (PIC), has completed a £100 million buy-in with Trustees of three defined benefit pension schemes which are sponsored by Pirelli UK and Pirelli Tyres.
Flavio Cateni, Head of Group Planning & Reporting and Pensions at Pirelli, said; “The timely and mutually satisfactory completion of this transaction is testament to PIC’s ability to be flexible and responsive and I am thankful to them, as well as our advisers, Mercer and Hogan Lovells LLP, for their advice and commitment.”
Mercer advised both firms on the transaction, while Lane Clark & Peacock LLP provided advice to the Trustees of all three schemes.
Tony Goddard, Pensions Manager at Pirelli, commented; “The Trustees are delighted to have been able to conclude this transaction, which has allowed us to secure the benefits for current and past employees of three separate schemes. The PIC team impressed us with their knowledge and dedication to finding solutions that worked for all parties.”
Legal advice was provided to the companies by Hogan Lovells LLP and to the Trustees by Gowling WLG.
Tristan Walker-Buckton, Senior Actuary at PIC, added; “PIC is delighted to have worked with the Trustees and the sponsoring employer, Pirelli, on this varied deal. The Trustees have now been able to completely de-risk these three schemes, providing greater security to the members.”
