Energy technology company Baker Hughes has insured three defined benefit pension schemes with Pension Insurance Corporation (PIC) in deals worth a combined £900m.
The three buy-ins cover 3,000 pensioners and dependants and 4,000 deferred members across the Baker Hughes (UK) Pension Plan, the Brush Group Pension Scheme, and the Pipeline Integrity International (PII) Group Pension Scheme.
Matt Richards, head of origination structuring at PIC, said: “Each of the schemes covered had specific requirements that needed specialist structuring. It’s thanks to the fantastic teamwork of everyone involved that we were able to conclude the deal in a relatively short time frame.”
Shelly Beard, managing director at WTW, which advised the three schemes, added: “It was great to lead this highly complex transaction for the three schemes, which required deep market knowledge, excellent teamwork and strong project management to meet everyone’s objectives.”
Sally Minchella, a director at Law Debenture and chair of the Baker Hughes (UK) Pension Plan, said: “Achieving this transaction in expedited timescales is a great result for members and is testament to the highly collaborative approach between the trustees of all three schemes, the company, PIC and the hard work of our advisory teams.”
