PIC, a specialist insurer of defined benefit pension schemes, has concluded a full scheme buy-in of the Epson Telford Limited Pension & Assurance Scheme (‘the Scheme’) for £50 million. The transaction secures the pensions of all 368 pensioners and 493 deferred members employed by Epson Telford Limited (‘the Company’), which is wholly owned by Seiko Epson Corporation (‘SEC’).
Headquartered in Telford, Shropshire, the Company is the only European manufacturing and distribution site for ink cartridges and textile inks. Epson Telford is part of the Epson Group, comprising more than 73,000 employees in 91 companies around the world, led by the Japan-based Seiko Epson Corporation.
Tristan Mander, director of Trustee Solutions Limited, the sole corporate independent trustee of the Scheme, which is a subsidiary of Pinsent Masons LLP, said: “This transaction brings long-term security to the Scheme members’ benefits. PIC is well known for excellent customer service, both for trustees and for policyholders. My personal experience of working with them has entirely borne this out. Our advisers did a great job in delivering a solution that met all our requirements.”
Eimear Kelly, Partner, at EY, said: “Significant preparatory work and planning coupled with the flexibility and experience of PIC enabled a smooth transaction under accelerated timescales, meeting the objectives of both the Company and the Trustees.”
Adam Dann, Origination Actuary at PIC, said: “The Trustees and the Company were well prepared, which allowed them to move quickly and enabled them to meet the Company and Trustee’s objectives and also to take advantage of market movements and insure their liabilities within their target range.”
EY were the lead risk settlement adviser and the Scheme received advice from Barnett Waddingham and Pinsent Masons. PIC received legal advice from Herbert Smith Freehills.
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