Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has concluded a £37.5 million buy-in with the Dr. Martens Airwair Group Pension Plan of the iconic British footwear brand founded in Northamptonshire, England, covering the 455 plan members.
Paul Black of Pi Partnership, Chair of Trustees for the Dr. Martens Airwair Group Pension Plan, commented, “It’s a proud moment for us to enhance the security of our members’ benefits through this transaction with PIC.
“The team showed throughout the process how its long track record of excellent customer service and commitment to sustainability will support our members for the long-term. Because of this, we know our members are in safe hands.
“The Trustees and Dr. Martens worked collaboratively throughout the process to ensure a result that met both of their objectives in a timely fashion. I would also like to thank our advisers at Barnett Waddingham, XPS, Baker McKenzie and Schroders Solutions for all playing their part in helping us to achieve this outcome.”
Dr. Martens operates in more than 60 countries, employs around 3,700 people, and sells boots, shoes, sandals and bags.
Matt Richards, Head of Origination Structuring at PIC, said, “It has been a pleasure working with the Trustees and their advisers. Closing a deal involving such a globally recognised brand, and one I personally take pride in wearing, was a year-end highlight for me.
“Dr. Martens’ heritage is impressive. Its commitment to creating durable, world-class products for customers truly reflected PIC’s core values.
“Our customer-focused mindset and dedication to securing long-term security for our current and future policyholders fully met, and even exceeded, the Trustees’ objectives for this Plan. We look forward to onboarding Plan members soon.”
Olivia Westwood, Risk Transfer Actuary at Barnett Waddingham, added, “We are delighted to have led this transaction on behalf of the Trustees, securing member benefits less than a year from our appointment.
“An important feature of this transaction was dealing with the Plan’s unique benefits, simplifying complexity where possible and then selecting an insurer that could provide the flexibility needed.
“This was made possible by strong collaboration between the Trustees, Dr. Martens and all the advisers in the planning phase and ultimately working with PIC to achieve this fantastic outcome for members.”
PIC was advised by HSF, with the Trustees working alongside Barnett Waddingham as its risk transfer consultant, Baker McKenzie as legal representation, XPS as Scheme Actuary and administrator and Schroders Solutions as fiduciary manager.
