On the go: The £673.8mn Amey OS Pension Scheme has secured a £400mn buy-in transaction with Pension Insurance Corporation.
The partial annuity purchase insures the pensions of 3,473 members, including 1,938 deferred members.
Kim Nash, managing director of Zedra Governance and trustee for the Amey OS Pension Scheme, said: “Increasing the security of members’ benefits and reducing risk were top of the trustee’s agenda and we are delighted to have partnered with PIC to achieve this excellent outcome.”
XPS Pensions Group acted as lead transaction adviser to a joint working group with representatives from Amey and the trustee. Squire Patton Boggs provided legal advice to the trustee.
PIC was advised by Addleshaw Goddard while CMS Cameron McKenna Nabarro Olswang provided legal advice to Amey.
Elsewhere, the scheme’s implementation statement documents reveal that it has replaced SEI as its fiduciary manager with Schroders Solutions (previously River & Mercantile), following the period that ended on September 30 2021.
This article originally appeared on MandateWire.com
