Keysight plan agrees buy-in, motor industry section reaches buyout

Equipment manufacturer scheme secures £250m buy-in

The Keysight Technologies UK Limited Retirement Benefits Plan has completed a £250m buy-in transaction with Just Group, covering the liabilities of more than 750 members. The scheme, sponsored by a global manufacturer of electronic test and measurement equipment, was advised by its actuary Willis Towers Watson and investment adviser Mercer Investment Consulting, while Linklaters provided legal advice. The Keysight trustees secured participation from six of the eight insurers active in the buy-in market, with Just ultimately selected. According to Just, the deal represents a significant step in the Keysight Group’s strategy of derisking its pensions exposure.

This article originally appeared on MandateWire.com

Motor industry scheme employer completes buyout

Ashwal Garage, one of the employers within the circa £102.3m Motor Industry Pension Plan, has completed an insurance transaction with Aviva covering all 18 members of its section of the scheme. Ashwal Garage completed the buyout earlier this year, following a £1.5m buy-in transaction in 2020. The deal covers both deferred and pensioner members, with preparation being crucial to the deal proceeding, according to the trustee. The trustee was advised through the process by Broadstone Pensions Limited. Aon is the Motor Industry Pension Plan’s adviser. “Given the transaction size, it was vital to prove to insurers the scheme was transaction-ready. Early preparatory work was therefore completed on data, benefits and asset strategy before approaching the insurance market,” Broadstone said in a statement.

This article originally appeared on MandateWire.com