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Pensions & Retirement

PIC completes £55m full buy-in for Bibby Line Group Limited Pension Scheme

The deal covers the pensions of 667 members. 

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PIC completes £55m full buy-in for Bibby Line Group Limited Pension Scheme
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Pension Insurance Corporation (PIC) has completed a £55m full buy-in with the trustee of the Bibby Line Group Ltd Pension Scheme. 

The deal covers the pensions of 667 members. 

Herbert Smith Freehills Kramer advised PIC. 

PwC led the advice to the joint working group made up of both trustee and company representatives. 

DLA Piper gave legal advice to the trustee, who also received administration and actuarial advice from Cartwright.

Jonathan Lewis, CEO at Bibby Line Group, said: “This transaction represents a strategic step in our long-term plan for the business, reinforcing our commitment to responsible financial stewardship. 

“Over recent years we have made substantial contributions to our pension scheme in order to progress towards this event.  

“It removes an element of long-term risk from our balance sheet, while further strengthening the security of pension benefits for hundreds of our current and former employees.”

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Lewis added: “Completing it within a condensed timeframe reflects the strong collaboration and focus of everyone involved, and we are grateful for their commitment.”

Nicholas Chadha of PAN Trustees, the scheme’s sole professional trustee, said: “The main objective for this transaction was to secure the pensions of our members, whilst maintaining dedicated support for them. 

“In preparation for the transaction, we had already conducted a significant data cleansing process, allowing us to move quickly with the insurer of choice. 

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“We were really impressed with PIC’s ability to work at speed, alongside its clear focus on customer service and well thought through transition plan.”

Chadha added: “I want to thank the PIC team for the flexibility and innovation displayed, in order to complete this transaction expediently.”

George Milligan, origination actuary at PIC, said: “Organisation was a key element of this transaction due to tight timeframes. 

“Our teams were able to mobilise quickly to ensure that we could meet the timescales set by the Trustee and achieve the main objective of the scheme, securing its members benefits for the long term. 

“We pride ourselves on providing excellent customer service and are delighted that the Trustees recognised this, entrusting us with their members’ pensions.”

Tom Whiteley, risk transfer director at PwC, said: “We were delighted to advise the Joint Working Group on this transaction. 

“The work that had already been carried out on the member data and scheme benefits meant that the Scheme was in a great position to move at pace and quickly enter a buy-in transaction. 

“Close collaboration between all parties over a short but intense period made this possible.”

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