On the go: The £563mn IMI 2014 Deferred Fund has signed a partial £175mn buy-in with Pension Insurance Corporation.
The transaction covers the liabilities for 1,378 members, from which around 97 per cent are deferred members.
PIC has now insured circa £1bn of liabilities sponsored by the engineering company since 2016, through six partial buy-in transactions. The liabilities of the fund are now fully insured.
Trustee chair Greg Croydon said: “This transaction is the culmination of our long-term derisking journey to insure the fund’s pension obligations. We have now insured the benefits for all our members.
“We’re delighted that we have been able to complete this final transaction with PIC, with whom we have a longstanding and successful relationship and who were able to be flexible to meet the specific circumstances of this deal in 2022.”
PwC acted as lead transaction adviser for the joint working group of IMI plc and the scheme, while the latter was further advised by WTW, Aon and Squire Patton Boggs.
This article originally appeared on MandateWire.com.
