Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension plans, has completed its £155 million acquisition from the trustees of NG Bailey Pension and Life Assurance Plan.
Through this transaction, the interests of 1,581 scheme members are protected and secured for the long term.
The final agreement follows a series of historic buy-in transactions aimed at reducing the company’s exposure to pension liabilities.
Deepash Amin, Head of New Business Strategy at PIC, said: “We are delighted to have completed this transaction. The trustees and their advisors were well targeted and well prepared, resulting in a smooth and expeditious transaction.
“Member outcomes are a top priority for trustees and we are proud to have been selected, in large part because of our focus on customer service for policyholders.”
Established in 1921, NG Bailey has grown to become an industry leader, delivering complex construction and infrastructure projects across the UK.
The latest agreement with PIC represents the culmination of a multi-year strategy to protect its employees’ retirement income.
Jon Sharp, Director of Birchmoor and Trustee of NG Bailey Pensions and Life Insurance Schemes, commented: “We have been particularly impressed by PIC’s focus, commitment and passion for delivering good outcomes for our members. It was clear throughout the process that the team delivered a competitive solution that exceeded our expectations.”
Stephen Purves, head of risk settlement at XPS Pensions Group, said: “We are pleased to advise trustees and help improve the security of scheme members’ benefits through this buy-in transaction.
“Through the collaboration of a joint working group between the trustee and corporate teams, we were able to complete this transaction quickly and efficiently, ensuring an excellent outcome for all parties.”
The trustee’s transaction adviser was XPS, with EY acting as adviser to NG Bailey. The scheme received legal advice from Walker Morris and Stephenson Harwood, who represented the company. PIC received legal advice from Slaughter and May.
