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 trustees of the Siemens Healthineers UK Benefits Scheme have agreed to a full buy-in, insuring the benefits of 703 pensioners and 967 deferred members and dependants.
The scheme chose Pension Insurance Corporation for the transaction. Siemens Healthineers provides healthcare equipment, solutions and services. In the UK, the company employs around 2,600 people.
“A key selection criterion for our scheme was to preserve the options currently available to our members with our chosen insurer. Retaining these options is a significant advantage for our members,” said Trustee chair Ann Rigby.
Adam Dann, senior origination actuary at PIC, said: “We’re pleased to have secured this transaction with Siemens Healthineers. Having the flexibility to accommodate clear, precise requests from trustees of schemes of all sizes is something we’re proud to be able to do and in this particular transaction, it was the key to success.”
The deal was advised by Aon. Partner Matt Cook said: “This transaction is a great example of what can be achieved through clear objectives, strong governance, and early engagement with insurers.”
The trustees received legal advice from Pinsent Masons, while Herbert Smith Freehills advised PIC.
How difficult is it for trustees to get bespoke member options in buy-ins?
