Pension Insurance Corporation (PIC) has insured the defined benefit (DB) pension scheme of healthcare equipment firm Siemens Healthineers for £213m.
The buy-in covers the whole scheme, insuring the benefits of 703 pensioners and 967 deferred members and dependants.
The deal involved PIC preserving bespoke retirement options for members of the Siemens Healthineers Benefits Scheme, which chair of trustees Ann Rigby said was “a key selection criterion”.
“Retaining these options is a significant advantage for our members,” added Rigby. “PIC’s focus on policyholder experience and outcomes fully aligned with this objective, giving the comfort that our members will continue to receive these hugely valued options at retirement.”
Adam Dann, senior origination actuary at PIC, said: “Having the flexibility to accommodate clear, precise requests from trustees of schemes of all sizes is something we’re proud to be able to do and, in this particular transaction, it was the key to success.”
Matt Cook, associate partner at Aon, which advised on the buy-in, said: “This transaction is a great example of what can be achieved through clear objectives, strong governance, and early engagement with insurers.
“This project was focused on delivering certainty for the trustees and preserving bespoke member options. PIC’s collaborative approach helped to achieve both and enabled us to support the trustees throughout this important transaction.”
Pinsent Masons provided legal advice to the trustee board, while Herbert Smith Freehills Kramer advised PIC.
It is the second buy-in transaction announced this year by PIC, following a £155m deal with engineering firm NG Bailey that was publicised last week.
