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The Holophane Retirement Benefits Scheme has completed a full buy-in of its liabilities, covering the benefits of 95 pensioners and 74 deferred members.
The trustees of the Milton Keynes-based lighting company concluded the buy-in with Pension Insurance Corporation in an exclusive process.
Trustee chair Payam Kazemian, a client director at trustee firm Zedra Governance, called the completion “a significant milestone” in the scheme’s derisking journey.
“It was great to work collaboratively with the company, our advisers, and PIC to achieve this outcome. The advantage of PIC offering a whole of market solution means that this smaller sized transaction nonetheless brings long-term security to the scheme members’ benefits,” Kazemian said.
Cardano was the lead transaction adviser to the trustees, who also received legal advice from Eversheds Sutherland, actuarial advice from Mercer and investment advice from both Cardano and Mercer. PIC had legal advice from CMS.
“Thorough preparation and the right market approach strategy facilitated this trade on attractive terms, even for a small scheme,” said Adolfo Aponte, managing director at Cardano.
Jake Stanbridge, origination actuary at PIC, commented on the buy-in saying PIC insures schemes of all sizes. The company is better known for its large scheme deals.
“By working exclusively with the scheme, we were able to deliver a solution tailored to their needs,” he added.
PIC most recently announced a second buy-in, worth £540m, with shoe manufacturer Clark’s, a £370m buy-in with the Hays Pension Scheme, and a £190m buy-in with the UK pension fund of Spanish trade credit insurer Atradius.
