P&O announces £440m scheme buy-in

The buy-in means that the benefits for all the scheme’s members are now insured. The scheme previously completed a buy-in to cover its existing pensioners in 2007.

Barnett Waddingham acted as actuarial and risk transfer advisers, while legal advice was provided to the trustee by Eversheds-Sutherland. Administration and investment services were provided by Mercer. Rothesay was advised by CMS.

Steve Delo, chair of trustees, said: “We are delighted to complete this transaction with Rothesay, improving security for members’ benefits. It caps many years of hard work by a diligent trustee board and brings to fruition the vision that our senior pensions manager, Jane Healy, has pursued with focus and determination since she joined P&O over a decade ago.

Delo added,  “It has been a privilege chairing the trustee board during this project and an incredibly busy few months have delivered a great outcome!”

Róisín O’Shea, business development at Rothesay, said: “It is always pleasing when an existing client chooses to work with us again to protect its members’ pensions and we are delighted to secure the benefits of the remaining members of the scheme through this second buy-in.”

Rashid Abdulla, CEO & MD of DP World European Region and Director of P&O Steam Navigation Company, said: “We are delighted that the P&O Pension Scheme has secured benefits for the remaining members of the scheme.

“The company has worked closely with the trustee and its advisers for many years to support the pension scheme and this deal acts to further increase the security of pension benefits for members, whilst reducing risks.”