Pension Insurance Corporation, PIC, a specialist insurer of defined benefit pension schemes, has finished a full scheme buy-in of all the Epson Telford Limited Pension & Assurance Scheme for £50m ($62m).
The PIC transaction secures the pensions of all 368 pensioners and 493 deferred members employed by Epson Telford.
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Epson Telford is the only European manufacturing and distribution site for ink cartridges and textile inks.
Tristan Mander, director of Trustee Solutions Limited, the sole corporate independent trustee of the Scheme, which is a subsidiary of Pinsent Masons LLP, said: “This transaction brings long-term security to the Scheme members’ benefits. PIC is well known for excellent customer service, both for trustees and for policyholders. My personal experience of working with them has entirely borne this out. Our advisers did a great job in delivering a solution that met all our requirements.”
Eimear Kelly, partner at EY, continued: “Significant preparatory work and planning coupled with the flexibility and experience of PIC enabled a smooth transaction under accelerated timescales, meeting the objectives of both the Company and the Trustees.”
Adam Dann, origination actuary at PIC, added: “The Trustees and the Company were well prepared, which allowed them to move quickly and enabled them to meet the Company and Trustee’s objectives and also to take advantage of market movements and insure their liabilities within their target range.”
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By GlobalDataEY were the lead risk settlement adviser and the Scheme received advice from Barnett Waddingham and Pinsent Masons. PIC received legal advice from Herbert Smith Freehills.
Earlier in the month, PIC completed an £870m ($1.1bn) full buy-in of the De Beers UK Pension Scheme.
The transaction between PIC and De Beers secures the pensions of both deferred and pensioner members of the scheme. This is made up of 1,464 current pensioners and 473 deferred members.
