PIC, a specialist insurer of defined benefit pension schemes, has concluded a £204 million full buy-in of the Arqiva Defined Benefit Pension Plan (“the Plan”). The transaction secures the pensions of both deferred and pensioner members of the Plan, which is sponsored by Arqiva Limited (“the Company”), a British telecommunications company, comprising 589 current pensioners and dependents and 215 deferred members.
Tom O’Connor, Chair of the Board of Trustees of the Plan, said: “I’m delighted that we have successfully completed this buy-in, which insures the benefits of all our Plan members. I am grateful for PIC’s work in achieving this outcome. I want to thank my fellow Trustee Directors, including Dan Gilmour and Akash Rooprai of Independent Governance Group, and our professional advisers, Isio, Baker McKenzie LLP and Mercer for their role throughout the process in scoping and executing the transaction. Our members have been at the forefront of our mind throughout this process, so communication has been a key consideration.”
Paul Robinson, Origination Transaction Manager at PIC, said: “We are proud to have concluded this buy-in with the Arqiva Defined Benefit Pension Plan. The Trustees and the Company were well prepared, which paved the way for a smooth transaction, providing security to all their members in the long-term. The rate at which well organised schemes are entering the pension risk transfer market in 2024 continues apace.”
Andrew Cooper, Director at Isio, said: “It’s been great to lead the broking process to secure members’ benefits with PIC. All parties worked collaboratively throughout the process to ensure a thorough and efficient process to reach this fantastic outcome for the Plan.”
PIC received legal advice from Herbert Smith Freehills LLP.
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