Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has completed a £155 million buy-in with the Trustee of Vistry’s Final Salary Pension Schemes, covering the pensions of 1,671 members.
The transaction covers the Bovis Homes Pension Scheme, Galliford Try Final Salary Pension Scheme, and Kendall Cross Holdings Limited Pension and Assurance Scheme, which are all sponsored by Vistry.
Vistry is a UK-domiciled provider of affordable mixed tenure homes. The company aims to be a responsible developer and to work in partnership to deliver sustainable homes, communities and social value.
Sarah Leslie, Director at ndapt, the Schemes’ Trustee, said, “This transaction is a great result for our members and is testament to the highly collaborative approach between the Trustee, Company, PIC and the Schemes’ advisers. We selected PIC due to its track record for delivering first class customer service and their focus on members.”
Tim Lawlor, Group Chief Financial Officer Vistry, added, “We are pleased to complete this buy‑in transaction with PIC following productive and collaborative engagement with the Trustee.
“This agreement secures the long‑term pension commitments made to our colleagues, former colleagues and their families, while significantly reducing risk and removing future pension‑related volatility from our balance sheet. I would like to thank the Trustee and all of our advisers for their hard work in achieving this outcome.”
Jake Stanbridge, Origination Actuary, PIC, said, “We’re delighted to have completed this buy‑in across three Vistry schemes. Multi‑scheme transactions require careful coordination; working closely with the Trustee and advisers, we delivered a tailored solution that provides long‑term security for members.”
Ken Hardman, Partner, LCP, concluded, “This is another example of a Trustee and Company working closely together to ensure a safe and secure home for their members’ pensions. We are pleased to have been able to support all parties in achieving such a positive result.”
Herbert Smith Freehills Kramer advised PIC, with legal advice for Trustee provided by CMS.
LCP were the Risk Transfer consultants, advising the Trustee.
