PIC a specialist insurer of defined benefit pension schemes, has concluded a £65 million full buy-in of the Chemring Group Staff Pension Scheme (‘the Scheme). The transaction secures the pensions of both deferred and pensioner members of the Scheme, which is sponsored by Chemring Group Plc, comprising 485 current pensioners and 328 deferred members.
Founded in 1905, Chemring Group Plc (‘the Company’) which is headquartered in Romsey, Hampshire, is a global business providing a range of advanced technology products and services to the aerospace, defence and security markets.
Sarah Ellard, Chair of Trustees and Group Legal Director & Company Secretary at Chemring Group, said: “We are delighted to have completed this buy-in with PIC, who were flexible in helping us achieve our aims and I want to thank them and the Scheme’s advisers, Barnett Waddingham as lead transaction adviser and Scheme Actuary and Burges Salmon as legal adviser, for their hard work in successfully delivering this transaction. The buy-in removes future risk associated with funding of the Scheme from our balance sheet, while ensuring the security of benefits for the Scheme members.”
Gavin Markham, Risk Transfer Consultant at Barnett Waddingham, said: “We are pleased to have been able to help the Trustees secure the members’ benefits with PIC and achieve their goal. This important milestone is a testament to the dedication of the Trustees and all the parties involved, together with the valued support of the Company.”
Richard Quintian, Senior Actuary at PIC, said: “PIC is really pleased to have had the opportunity to work with the Trustees of the Chemring Group Scheme to significantly de-risk the Scheme, providing security to all their members for the long-term. We have the flexibility and scale to offer solutions to well-prepared schemes of differing sizes that approach the market using well-governed processes.”
Source