Sibelco reveals £165m full buy-in
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The Sibelco UK Occupational Pension Scheme has completed a £165m full scheme buy-in covering 1,200 members.
The UK scheme for Belgian industrial minerals company Sibelco finalised the deal with Aviva in April this year, advised by LCP.
Capital Cranfield Trustees chair the board of trustees, represented by John Bannister, who said: “We are pleased to be able to secure our members’ benefits with an experienced, well regarded insurance company. We are confident that Aviva will provide a good long-term home for our members’ benefits.”
The buy-in “highlights the opportunity for well prepared schemes to leverage strong insurer competition, even in a busy market”, said Ken Hardman, a partner at LCP.
Toby Holmes, senior deal manager at Aviva, said it is more important than ever for schemes to be prepared when approaching the market.
“The trustees had a clear strategy to secure member benefits, and their vision, when supported by highly experienced advisers, has made for an efficient and successful transaction,” Holmes added.
What are insurers’ key selection criteria now?
