Huntsman trustees sign £205m buy-in
Image: Cranium Pictures/Shutterstock
Pardon the Interruption
This article is just an example of the content available to mallowstreet members.
On average over 150 pieces of new content are published from across the industry per month on mallowstreet. Members get access to the latest developments, industry views and a range of in-depth research.
All the content on mallowstreet is accredited for CPD by the PMI and is available to trustees for free.
The Huntsman Pension Scheme, for former UK employees of the global chemical company, has completed a £205m buy-in.
The buy-in means more than 660 pensioners and deferred members are now insured via the Prudential Assurance Company, owned by M&G.
The premium was locked to the scheme’s assets, comprising gilts and credit, during the transaction period.
Trustee chair John Shipman said the buy-in helps to provide greater certainty to members about the security of their benefits and represents “a pivotal moment” in the scheme’s derisking journey.
Ann Rigby represents Bestrustees on the trustee board, which was advised on the risk transfer by WTW.
WTW senior director Gemma Millington said: “A collaborative approach from all parties working closely together was key to achieving an attractive outcome for the scheme.”
Managing director of corporate risk solutions at M&G, Kerrigan Procter thanked the trustees for choosing M&G, adding that scheme members’ benefits are now backed by a 177-year-old institution.
M&G said it has written nearly £1.5bn of new transactions since re-entering the market in September 2023.
The buy-in means more than 660 pensioners and deferred members are now insured via the Prudential Assurance Company, owned by M&G.
The premium was locked to the scheme’s assets, comprising gilts and credit, during the transaction period.
Trustee chair John Shipman said the buy-in helps to provide greater certainty to members about the security of their benefits and represents “a pivotal moment” in the scheme’s derisking journey.
Ann Rigby represents Bestrustees on the trustee board, which was advised on the risk transfer by WTW.
WTW senior director Gemma Millington said: “A collaborative approach from all parties working closely together was key to achieving an attractive outcome for the scheme.”
Managing director of corporate risk solutions at M&G, Kerrigan Procter thanked the trustees for choosing M&G, adding that scheme members’ benefits are now backed by a 177-year-old institution.
M&G said it has written nearly £1.5bn of new transactions since re-entering the market in September 2023.
