Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has concluded an £85 million buy-in with the Trustee of the Interface Europe Pension Scheme.
This agreement ensures the long-term protection of benefits for f 1,117 scheme members. Dalriada Trustees Limited serves as the sole professional trustee for the Scheme.
Interface, a global commercial flooring manufacturer with sales spanning every continent, supplies an integrated product range that includes resilient flooring and carpet tiles.
Jo Harris, Chair of the Trustee at Dalriada, stated: “We’re very pleased to have concluded this transaction with PIC. This was not a straightforward transaction, but with the hard work of Scheme advisers, support from the employer, and flexibility from PIC, we believe we’re together providing the best outcome that the market can offer for our members. I want to thank the employer, our advisers, and the PIC team, for their collaborative approach throughout the transaction.”
Deepash Amin, Head of New Business Strategy at PIC, said: “At PIC, we pride ourselves on delivering first-class customer service, so we’re proud as this was recognised as a key factor in securing the transaction. The Trustee was focused on achieving a smooth, efficient outcome for members and our team worked collaboratively to complete the transaction.”
CMS Cameron McKenna Nabarro Olswang acted as legal counsel to PIC. PwC served as the Trustee’s lead transaction adviser, supported by Isio for long-term actuarial and benefit consultancy, and Eversheds Sutherland providing legal advice.
