Marvin OnumonuPension insurance Corporation (PIC) has completed a £230m buy-in with the trustee of the Peel Ports Final Salary Pension Scheme.
The deal secures the pensions of around 2,000 members from Peel Ports Group companies including The Mersey Docks and Harbour Company Limited, Port of Sheerness Limited, The Manchester Ship Canal Company Limited, Clydeport Limited, and Clydeport Operations Limited.
CMS gave advice to PIC on the transaction while legal advice to the trustee was provided by Gowlings.
Amanda Willis, chair of the scheme’s trustee board and group treasurer at Peel Ports Group, said: “We’re delighted to have achieved our long-standing ambition to fully buy-in the Scheme, improving the financial security of our members benefits while reducing pension-related risks for Peel Ports Group.
“PIC impressed us early in the process with a compelling proposal and a clear commitment to transact.
“Its financial strength and reputation for delivering high-quality service to pension scheme members was a key factor in our decision and ultimately led us to selecting PIC as our insurance partner.”
Willis added: “Peel Ports Group already had a positive experience of PIC following a 2017 buy-in relating to past employees with benefits in the Former Registered Dock Workers Pension Fund and we are delighted to have partnered again on such an important transaction.”
Matt Richards, head of origination structuring at PIC, said: “Strengthening relationships with companies, trustees and sponsors we’ve worked with before is a core part of our strategy at PIC and this transaction offered a valuable opportunity to deepen the partnership with Peel Ports Group.
“We’re pleased to have delivered a proposal that met the Trustee’s objectives and supported its long-term goals.
“PIC invests significant time and effort in ensuring we provide the right outcomes for our policyholders and we are proud that our focus on customer service was key in the selection of this transaction.”
Ken Hardman at LCP, who advised the trustee, said: “This transaction once again demonstrates the value of a joined up approach between the Trustee and the Scheme sponsor, with all parties setting clear objectives at the start of the process and working closely together to achieve a successful outcome.
“We are delighted to have supported the Trustee in achieving such a positive outcome for its members.”
