Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has completed the £155m acquisition of the trustees of Vistry final salary pension scheme, covering the pensions of 1,671 members.
The deal covers the Bovis Homes Pension Scheme, Galliford Try Final Salary Pension Scheme and Kendall Cross Holdings Limited Pension and Insurance Scheme, all sponsored by Vistry.
Vistry is a UK registered provider of affordable mixed tenure homes. The company aims to be a responsible developer and work with partners to deliver sustainable residential, community and social value.
Sarah Leslie, ndapt director of scheme trustees, said: “This transaction is a great outcome for our members and demonstrates the high level of collaboration between the trustees, the firm, the PIC and the scheme adviser. We selected the PIC because of its track record of delivering first-class customer service and its focus on members.”
Tim Lawlor, Vistry Group Chief Financial Officer, added: “We are delighted to have completed this buy-in transaction with PIC, following a productive partnership with the trustees.
“This agreement secures long-term pension commitments to our colleagues, former colleagues and their families, while significantly reducing risk and eliminating future pension-related volatility from our balance sheet. I would like to thank the trustees and all of our advisors for their hard work in achieving this outcome.”
Jake Stanbridge, originating actuary at PIC, said: “We are delighted to have completed the buy-ins of three Vistry schemes. Multi-scheme transactions require careful coordination; by working closely with trustees and advisers, we have delivered a tailor-made solution that provides long-term security to members.”
Ken Hardman, partner at LCP, concluded: “This is another example of the trustees and the company working closely together to ensure that their members’ pensions have a safe and secure home. We are delighted to have been able to support all parties in achieving such a positive outcome.”
Herbert Smith Freehills Kramer advised the PIC and CMS provided legal advice to the trustees.
LCPs are risk transfer advisers who advise trustees.