Specialist insurer of defined benefit pension schemes, Pension Insurance Corporation plc (PIC) has announced that it has concluded a £65 million full buy-in of the Chemring Group Staff Pension Scheme.
From what we understand, the transaction secures the pensions of both deferred and pensioner members of the Scheme, which is sponsored by Chemring Group Plc, comprising 485 current pensioners and 328 deferred members.
Established in 1905, Chemring Group Plc, headquartered in Romsey, Hampshire, is a global business that provides a variety of advanced technology products and services to the aerospace, defence and security markets.
“We are delighted to have completed this buy-in with PIC, who were flexible in helping us achieve our aims and I want to thank them and the Scheme’s advisers, Barnett Waddingham as lead transaction adviser and Scheme Actuary and Burges Salmon as legal adviser, for their hard work in successfully delivering this transaction.
“The buy-in removes future risk associated with funding of the Scheme from our balance sheet, while ensuring the security of benefits for the Scheme members,” commented Sarah Ellard, Chair of Trustees and Group Legal Director & Company Secretary at Chemring Group.
“We are pleased to have been able to help the Trustees secure the members’ benefits with PIC and achieve their goal. This important milestone is a testament to the dedication of the Trustees and all the parties involved, together with the valued support of the Company,” said Gavin Markham, Risk Transfer Consultant at Barnett Waddingham
“PIC is really pleased to have had the opportunity to work with the Trustees of the Chemring Group Scheme to significantly de-risk the Scheme, providing security to all their members for the long-term. We have the flexibility and scale to offer solutions to well-prepared schemes of differing sizes that approach the market using well-governed processes,” added Richard Quintian, Senior Actuary at PIC.
