UK-based insurance company Pension Insurance Corporation (PIC) has announced that it has completed an additional buy-in with the Trustee of the Merchant Navy Officers Pension Fund (MNOPF).
The transaction includes £400m of liabilities representing the benefits of around 2,000 MNOPF pensioners.
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Notably, the buy-in follows a £1.6bn transaction that closed in February 2020. In this deal, PIC converted a longevity swap held between MNOPF and Pacific Life to secure the pensions of around 14,000 members.
Established in 1937, MNOPF is an industry-wide pension scheme that enables shipping companies to offer retirement and death benefits for their officers.
MNOPF chair Rory Murphy said: “This buy-in is a further key stage in our long de-risking journey.
“This buy-in helps to provide greater certainty to members about the security of their benefits and we are delighted to have completed it with PIC, who we know well from our existing transaction.”
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By GlobalDataPIC Origination Structuring head Uzma Nazir said: “We worked closely with the Trustee over several months to actively monitor market conditions and ensure that we were able to transact quickly once market conditions were favourable.
“We were proud to complete the original buy-in with the MNOPF and are delighted that we have been selected as their partner once again.”
