Pension Insurance Corporation (PIC) has concluded a £24m full-scheme buy-in with the Holophane Retirement Benefits Scheme, sponsored by lighting firm Holophane Europe.
The transaction insures the pension benefits of 95 pensioners and dependents, and 74 deferred members.
Payam Kazemian, a professional trustee at Zedra Governance and chair of pension scheme’s trustee board, said: “The completion of this buy-in marks a significant milestone in the strategic de-risking journey of the scheme and delivering financial security for members.”
Jake Stanbridge, an origination actuary at PIC, said: “By working exclusively with the scheme we were able to deliver a solution tailored to its needs. The scheme’s advisers ran an effective process and were a pleasure to work alongside.”
Cardano was the lead transaction adviser, while legal advice was provided by Eversheds Sutherland and CMS. Actuarial advice was provided Mercer, while Cardano and Mercer provided investment advice.
