PIC completes £155m buy-in for the NG Bailey Pension and Life Assurance Plan

Pension 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.”