The Royal Horticultural Society (RHS) and the Royal Society of Chemistry have both announced separate bulk annuity deals this week, securing benefits for more than 700 people through buy-ins.
The RHS announced today that it had struck a £22m bulk annuity deal with Royal London to insure its defined benefit (DB) pension scheme, covering 230 members of the Royal Horticultural Society 1974 Pension Scheme.
Ingrid Fernandes, director of finance at the RHS, said: “This transaction represents an important milestone for both the scheme and the RHS. By increasing certainty around the charity’s future pension obligations and strengthening the long-term financial sustainability, it supports our ability to focus on delivering our charitable mission.
“This includes continued investment in our world-renowned gardens, scientific research, educational programmes and our work to inspire more people to garden and connect with nature.
“We look forward to building on our relationship with Royal London as we secure an even stronger future for the scheme and its members, while helping to ensure the RHS can continue delivering lasting public benefit for generations to come.”
Ash Williams, partner at XPS, which led the transaction, said: “The scheme had a number of complexities to consider but the collaborative work of the trustees, the RHS and the advisory team has led to an excellent outcome with an insurer that puts customer service first, which was one of the key criteria for the trustees.”
PIC completes buy-in for chemistry scheme
Pension Insurance Corporation (PIC) has insured The Royal Society of Chemistry Pension Scheme in an £83m buy-in, securing the benefits of all 468 scheme members.
Chair of trustees Andy Pateman cited PIC’s customer service as a key factor and also praised the collaborative work among the trustees, sponsor and advisers.
Jamie Naik, principal at lead transaction adviser LCP, said “This transaction demonstrates the benefits of a well-prepared scheme and a strong, collaborative relationship between the trustees and sponsor with a real focus on member outcomes.
“That shared focus and alignment helped achieve a strong outcome for both parties, while further improving the security of members’ benefits.”
