On the go: The Medway Packaging Pension Scheme has completed a full buy-in with Pension Insurance Corporation covering £52mn of liabilities.
The deal covers the liabilities of the scheme’s 425 pensioners and 150 deferred members.
The trustees of the scheme, sponsored by packaging and paper manufacturer Mondi Aberdeen, employed Aon and law firm Eversheds Sutherland’s Pathway solution for smaller bulk annuity transactions to complete the deal. PIC was advised by Herbert Smith Freehills.
James Paterson, Medway Packaging Pension Scheme trustee chair, said: “Following a thorough evaluation of the options available to secure member benefits over the long term we were satisfied that insuring the benefits with PIC was the best outcome for the scheme’s members.
“This was particularly important in current market conditions and has led to an excellent outcome for our members which provides them with long-term security for their benefits.”
Aon’s risk settlement group senior consultant, Dave Barratt, added: “This transaction emphasises how smaller schemes can make better decisions and access competitive insurer pricing with attractive terms if they approach the market in the right way.”
According to its most recent statement of investment principles, BlackRock acts as the scheme’s fiduciary manager.
This article originally appeared on MandateWire.com
