Marvin OnumonuM&G has completed a £205m buy-in with the Huntsman Pension Scheme, securing the benefits of over 660 retirees and deferred pensioners.
The Prudential Assurance Company, a subsidiary of M&G, was the insurer for the transaction.
WTW acted as risk transfer adviser to the trustee, with Squire Patton Boggs as legal advisers and Mercer as investment consultants.
Eversheds Sutherland provided legal advice to M&G.
Kerrigan Procter, managing director of corporate risk solutions at M&G, said: “Thank you to the Trustee of the Huntsman Pension Scheme for choosing M&G for this transaction.
“This sees the Prudential Assurance Company take on the future pension obligations of over 660 retirees and deferred pensioners of the Huntsman Pension Scheme giving them peace of mind that their pensions are in the hands of a 177-year-old institution who has been looking after pensioners and savers for generations.”
John Shipman, chair of the trustee for the Huntsman Pension Scheme, said: “The Trustee is delighted to have partnered with M&G to complete this transaction.
“This buy-in helps to provide greater certainty to members about the security of their benefits and represents a pivotal moment in the Scheme’s de-risking journey.
“My thanks to everyone involved for a great team effort in making this happen.”
Gemma Millington, senior director at WTW, said: “It was a pleasure to work with the Trustee, including BESTrustees Ltd represented by Ann Rigby, M&G and the wider advisory teams to achieve this significant transaction for the Scheme.
“A collaborative approach from all parties working closely together was key to achieving an attractive outcome for the Scheme.”
