Marvin OnumonuPension Insurance Corporation (PIC) has completed a £60m buy-in for the Bodycote UK Pension Scheme, securing benefits for all 680 members.
Mark Johnston, client director at Vidett and chair of trustee of the Bodycote UK Pension Scheme, said: “Working with Bodycote plc, we are delighted to complete this buy-in as a positive step in our ongoing strategy to ensure the long-term security for all our members.
“When we brought our Scheme to market, we knew we wanted to transact quickly. PIC delivered over and above for us on this.
“The team provided a seamless transaction within accelerated timeframes.”
Johnston added: “Its flexibility and focus on first class customer service were some of the reasons why we chose to transact with them.
“The collaborative work between trustees, advisers and Bodycote has resulted in a very good outcome for all parties.
“Together with Alison Pearson and Lisa Sweeney, we were able to use our experience as members of Vidett’s endgame solutions team to work with Isio to ensure a great outcome for Scheme members and Bodycote plc.”
Adam Dann, senior origination actuary at PIC, said: “We are delighted to have completed this buy-in with Bodycote UK’s Pension Scheme.
“The preparation that the Trustees and the Company made prior to coming to market and the close collaboration between all the parties involved enabled this to be a successful, quick and smooth transaction from start to finish.
“We’re now working closely with all parties to transition the Scheme’s members to becoming PIC policyholders.”
Tom Ridley, senior deal manager at Isio, said: “We are delighted to have secured this outcome for the Scheme’s members.
“Transactions like this can be notoriously difficult to navigate, especially when managing illiquid holdings, but the close partnership between the Trustees, Company, advisers and PIC helped to navigate the challenges.
“It’s a great example of what happens when all parties are focused on a single goal – delivering a secure future for the membership.”
