PIC agrees £58m buy-in with Institute of Chartered Accountants’ Staff Pension Fund
The transaction secures the benefits of 375 members who were not already insured.
Pension Insurance Corporation (PIC) has agreed a £58m partial buy-in with the Institute of Chartered Accountants’ Staff Pensions Fund.
The transaction secures the benefits of 375 members who were not already insured.
The deal covers about half the Fund’s liabilities.
Hymans Robertson acted as lead transaction advisor.
Addleshaw Goddard provided legal advice to PIC, while the Trustee was supported by Eversheds Sutherland.
Edward Levy, director at the Law Debenture Trust Corporation and chair of the Fund, said: “The Fund has been on a long-term derisking journey and we are delighted to have concluded this latest stage with PIC.
“The team were flexible and constructive in helping us achieve our aims.”
Joshua Lenz, origination actuary at PIC, said: “We are pleased to have completed this transaction with the Trustee, helping increase overall security for the members.
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