On the go: The £3bn Whitbread Group Pension Fund has secured a £680mn buy-in with Standard Life.
This is the first transaction of this type for the hospitality group scheme, covering the liabilities of approximately 8,000 members.
Whitbread Pension Trustees chair Keith Jones noted the buy-in “is a key stage in the fund’s derisking journey”.
He said: “It helps to provide greater certainty to members about the security of their benefits and we are delighted to have completed it with Standard Life.”
Willis Towers Watson advised on the transaction. Legal advice to the trustees was provided by Reed Smith, while scheme sponsor Whitbread was advised by LCP and Slaughter and May.
The scheme’s latest triennial valuation, held as at March 31 2020, showed a £55mn surplus, according to Whitbread’s latest annual report.
This article originally appeared on MandateWire.com
