On the go: Two pension schemes sponsored by Gates Group, the Tomkins Schemes, have completed full buy-ins worth a combined £132mn with Pension Insurance Corporation.
The Tomkins Schemes were already partially covered by buy-ins, but as a result of the transaction, which was completed in December 2022, PIC now covers all defined benefit liabilities of the schemes.
Tomkins Schemes trustee chair Christopher Clayton said: “The trustees have, over many years, been working towards ensuring that the Tomkins Schemes are fully funded and can be secured with an insurance company, to further guarantee the pension payments to members.”
Mercer Investment Consulting acted as consultants to the transaction on behalf of the Tomkins Schemes.
Hogan Lovells acted as legal advisers on the transaction and also completed a guaranteed minimum pension actuarial equivalence conversion exercise for a third scheme in the Gates Group, the Gates Scheme.
According to the 2022 implementation statement of the Tomkins 2008 Pension Scheme, a full buyout is being targeted.
This article originally appeared on MandateWire.com
