On the go: The Metal Box Pension Scheme has completed a full £2.2bn buy-in with Pension Insurance Corporation, with plans to convert this to a buyout in November 2021.
The buy-in will guarantee the benefits of the scheme’s 10,300 pensioners and 2,200 non-pensioner members.
It is intended that this buy-in will move to buyout in November 2021, which will mean each member will become a PIC policyholder, removing the scheme liabilities from the balance sheet of the scheme sponsor Crown Packaging Manufacturing UK.
The company advisers Mercer Investment Consulting and Sackers structured and led the transaction, working collaboratively with the scheme, which took separate advice from Willis Towers Watson, Mayer Brown and Lincoln. PIC was advised by Herbert Smith Freehills.
Gary Fishlock, chair of trustees of the Metal Box Pension Scheme, said: “We are delighted to have reached this position of securing our members’ benefits in full following a thorough selection process.
“Working alongside the company and our respective advisers, we selected PIC based on their proven customer service standards and strong financial credentials.
“This has been the culmination of a successful journey over many years, supported by the company,” he continued.
Mitul Magudia, head of business development at PIC, noted that this is one of the largest transactions to date in 2021.
He said: “We expect this transaction to form a blueprint for others looking to achieve similar objectives in the future.”
This article originally appeared on MandateWire.com
