The trustees of the Spirent Communications plc Staff Pension & Life Assurance Plan have completed a full pension buy-in transaction with Pension Insurance Corporation.

The transaction completed in the fourth quarter of 2022, which means that all of the scheme's defined benefit liabilities are now fully insured. The pensions of 1,353 members are covered, including 490 deferred members. 

 

Spirent Communications plc is a provider of automated test and assurance solutions for networks, cybersecurity, and positioning.

 

Jane Fryer, trustee chair and a director at Apex Pension Trustees, said: “We are pleased to have been able to complete this buy-in with PIC as part of the long-term derisking strategy for the plan."

She said PIC was chosen on the basis of its competitive pricing, strong financial position and operational capabilities. 
 

Deepash Amin, origination actuary at PIC, said: “The trustees and Spirent, who worked closely throughout, had a clear set of objectives and had prepared well, enabling a smooth and efficient process. PIC continues to serve the whole of the pension market having announced transactions for small, medium and large schemes in 2023.”

PIC recently revealed it had won the largest ever pension risk transfer to date from insurer RSA's staff pension schemes, totalling £6.5bn of liabilities for 40,000 members.
 

 

LCP were lead consultants to the trustees, while Baker & McKenzie gave legal advice. Addleshaw Goddard provided legal advice to PIC. 

 

Imogen Cothay, a partner at LCP, said the transaction was "an excellent example of how a well prepared pension scheme can act quickly and effectively to take advantage of favourable market conditions, even in a volatile market”.