Pension Insurance Corporation (PIC) has completed a £55m buy-in, insuring the Bibby Line Group Ltd Pension Scheme. The transaction secures the benefits of 667 members.
Bibby Line Group is based in Liverpool and operates in financial services, marine operations and infrastructure across multiple countries.
Nicholas Chadha of PAN Trustees, the scheme’s sole professional trustee, said: “The main objective for this transaction was to secure the pensions of our members, while maintaining dedicated support for them. In preparation for the transaction, we had already conducted a significant data cleansing process, allowing us to move quickly with the insurer of choice.
“We were really impressed with PIC’s ability to work at speed, alongside its clear focus on customer service and well-thought-through transition plan. I want to thank the PIC team for the flexibility and innovation displayed in order to complete this transaction expediently.”
Bibby Line Group chief executive Jonathan Lewis said the buy-in was “a strategic step in our long-term plan for the business”, removing a long-term risk and securing member benefits following several years of “substantial contributions” to the pension scheme.
Tom Whiteley, risk transfer director at PwC, which advised on the buy-in, said the pension scheme was “in a great position to move at pace” with the transaction following previous work on member data and benefits details.
Herbert Smith Freehills Kramer advised PIC, while DLA Piper provided legal advice to the trustee board.
