The Epson Telford Ltd Pension & Life Assurance Scheme has completed a full scheme buy-in for £50m, following the Epson (UK) Ltd Pension Scheme’s £60m buy-in with a different insurer earlier this year. 

The deal with Pension Insurance Corporation insures the benefits of all 368 pensioners and 493 deferred members employed by Shropshire-based Epson Telford, a subsidiary of Japan’s tech manufacturer Seiko Epson Corporation. Epson Telford produces ink cartridges and textile inks. 

In February, the Epson (UK) Ltd Pension Scheme completed a £60m buy-in covering 113 pensioners 289 deferred members with Just Group. The Epson Group has more than 73,000 employees in 91 companies. 
 

 

Trustee Solutions, a subsidiary of law firm Pinsent Masons, is the sole corporate trustee of the scheme. Director Tristan Mander said: “This transaction brings long-term security to the scheme members’ benefits.”
  
Eimear Kelly, a partner at lead settlement adviser EY, said: “Significant preparatory work and planning coupled with the flexibility and experience of PIC enabled a smooth transaction under accelerated timescales, meeting the objectives of both the company and the trustees.”
  
Adam Dann, origination actuary at PIC, noted that the trustees and the company had been well prepared, which allowed them to move quickly, taking advantage of market movements and insure their liabilities within their target range.    
 

The scheme received advice from Barnett Waddingham and Pinsent Masons, while PIC took legal advice from Herbert Smith Freehills.

PIC recently announced an £870m full buy-in with the De Beers UK Pension Scheme covering 1,464 current pensioners and 473 deferred members.