Marvin OnumonuPension Insurance Corporation (PIC) has completed a £155m buy-in with the trustee of the NG Bailey Pension and Life Assurance Plan.
The deal covers the benefits of 1,581 plan members, securing their benefits in the long term after a series of previous buy-in transactions.
XPS acted as transaction advisor to the trustee, EY advised NG Bailey, Walker Morris provided legal advice to the plan, Stephenson Harwood acted for the company, and PIC received legal advice from Slaughter and May.
Jon Sharp, director at Birchmoor and trustee for NG Bailey Pension and Life Assurance Plan, said: “We were particularly impressed with PIC’s focus, commitment and passion in providing a great outcome for our members.
“It’s clear the team went above and beyond to provide competitive solutions that exceeded our expectations throughout the process.”
Deepash Amin, head of new business strategy at PIC, said: “We are delighted to have completed this transaction.
“The Trustee and its advisors were clear on their objectives and well prepared, enabling a smooth and quick transaction.
“Member outcomes were a key priority for the Trustee and we’re proud to have been selected in large part due to our focus on customer service for our policyholders.”
Stephen Purves, head of risk settlement at XPS pensions group, said: “We are pleased to have led the advice to the Trustee and to have helped improve the security of the Plan members’ benefits through this buy-in transaction.
“Working collaboratively across a Joint Working Group between Trustee and Company teams meant we were able to complete this transaction both quickly and efficiently, securing an exceptional outcome for all parties.”
