Marvin OnumonuPension Insurance Corporation (PIC) has signed a £113m buy-in with the Steria Management Plan (SMP) Section of the Sopra Steria Retirement Benefits Scheme.
This deal secures the benefits of all 355 members in the Section.
CMS advised PIC and legal advice was provided to the trustee by Gowling WLG.
David Best, deputy chair of trustees at the Sopra Steria Retirement Benefits Scheme, said: “We’re pleased to have agreed this transaction with PIC, which will secure our members’ benefits for the long term and means that they will continue to receive high-quality customer service.
“PIC has a well-founded reputation for providing excellent customer service levels and the focus on their policyholders shone through during the process.”
Deepash Amin, head of new business strategy at PIC, said: “We were impressed with the focus of the Trustees on the member experience as part of the transaction, and we’re therefore delighted to have been selected.
“PIC is built around the delivery of our purpose, which is to pay the pensions of our current and future policyholders, and we look forward to welcoming the Scheme members in due course.”
Maria Greene, chief financial officer at Sopra Steria UK, said: “We’re pleased that the SMP defined benefit pension scheme has completed a buy‑in transaction, which provides long‑term security for members’ benefits and represents an important milestone for the company.”
Chris Hawes at Mercer, who advised the sponsoring employer Sopra Steria Limited and led the insurance broking, said: “We are proud to have led this project, working in close strategic collaboration with the Trustee and Scheme sponsor from the outset to secure the benefits of Section members.
“Through a focused and competitive selection process, the strong partnership ensured that the shared objectives were successfully achieved.”
