Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, completed a £155 million buy-in with the Trustee of NG Bailey Pension and Life Assurance Plan.
With this transaction the benefits of 1,581 Plan members are ensured and are now secured for the long-term.
The final agreement follows a series of historic buy-in transactions designed to de-risk the company’s pension liabilities.
Deepash Amin, Head of New Business Strategy at PIC said: “We are delighted to have completed this transaction. The Trustee and its advisors were clear on their objectives and well prepared, enabling a smooth and quick transaction.
“Member outcomes were a key priority for the Trustee and we’re proud to have been selected in large part due to our focus on customer service for our policyholders.”
Founded in 1921, NG Bailey has grown into an industry leader, delivering complex building and infrastructure projects across the UK.
This latest deal with PIC represents the culmination of a multi-year strategy to protect the retirement income of its workforce.
Jon Sharp, Director, Birchmoor, Trustee for NG Bailey Pension and Life Assurance Plan, comments: “We were particularly impressed with PIC’s focus, commitment and passion in providing a great outcome for our members. It’s clear the team went above and beyond to provide competitive solutions that exceeded our expectations throughout the process.”
Stephen Purves, Head of Risk Settlement at XPS Pensions Group, stated: “We are pleased to have led the advice to the Trustee and to have helped improve the security of the Plan members’ benefits through this buy-in transaction.
“Working collaboratively across a Joint Working Group between Trustee and Company teams meant we were able to complete this transaction both quickly and efficiently, securing an exceptional outcome for all parties.”
The transaction advisor for theTrustee was XPS, with EY acting as NG Bailey’s advisor. The Plan received legal advice from Walker Morris and Stephenson Harwood acted for the Company. PIC received legal advice from Slaughter and May.
