Westminster Abbey scheme buys in all members
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The trustees of the Westminster Abbey 1972 Retirement and Death Benefits Scheme have completed a full scheme buy-in for £25m, covering the pension liabilities of 125 pensioners and 107 deferred members.
The transaction was made with Pension Insurance Corporation following a competitive selection process.
Trustee chair John O’Brien said the deal was “the culmination of many years of hard work by trustees past and present, which would not have been possible without the Abbey’s diligent support of the scheme”.
Paul Baumann, receiver general at Westminster Abbey, called the agreement a positive outcome.
“Members’ benefits remain safe, and this is a simpler way of managing this pension fund, he added.
Jay Shah, chief origination officer at PIC, said that with many much larger schemes also currently seeking to derisk, “being able to demonstrate PIC has the flexibility and adaptability to accommodate all sizes of transaction is most gratifying”.
Barnett Waddingham was the actuarial, administration, investment and risk transfer adviser to the trustees, led by head of bulk annuities Rosie Fantom, while Pinsent Masons gave legal advice. PIC was advised by CMS.
“Our team has worked with the trustees over many years to help make their goal of insuring all benefits a reality. We worked closely with the trustees to ensure the scheme was well placed to approach the market over the last 18 months,” said Fantom.
