PIC completes three buy-ins worth £900m with Baker Hughes

Pension Insurance Corporation (PIC) has completed three buy-ins worth £900m with pension schemes linked to Baker Hughes. 

The deals cover the Baker Hughes (UK) Pension Plan, the Brush Group Pension Scheme, and the Pipeline Integrity International (PII) Group Pension Scheme. 

These buy-ins secure the benefits of over 3,000 pensioners and dependants, and nearly 4,000 deferred members.

Sally Minchella, director at Law Debenture and chair of the Baker Hughes (UK) Pension Plan, said: “Achieving this transaction in expedited timescales is a great result for members and is testament to the highly collaborative approach between the trustees of all three schemes, the Company, PIC and the hard work of our advisory teams.”

Andrew McKinnon, chair of the Brush Group Pension Scheme, said: “We selected PIC due to their track record and focus on members, combined with their ability to meet our specific requirements. 

“I’d like to thank our advisers for their hard work over many years to get the Scheme to this point.”

Colin Mcfadden, chair of the PII Group Pension Scheme, said: “We are very pleased to have completed this transaction which improves security for our members. 

“The PIC team showed a flexible and innovative approach to ensure our members’ needs were met.