The Bibby Line Group Ltd Pension Scheme has completed a £55m buy-in with Pension Insurance Corporation (PIC), covering the pensions of 667 members.
Liverpool-based Bibby Line Group, which is the sponsor of the scheme, is an international firm focused on financial services, marine operations, and infrastructure.
PIC was advised on the transaction by Herbert Smith Freehills Kramer, while DLA Piper acted as legal adviser to the trustee.
The trustee was provided with administration and actuarial advice by Cartwright.
To support the deal, a joint working group comprising of both trustee and company representatives was set up, with PwC leading the advice to the group.
Commenting on the deal, Bibby Line Group CEO, Jonathan Lewis, said the transaction represented a strategic step in the long-term plans for the business and reinforced its commitment to responsible financial stewardship.
“Over recent years we have made substantial contributions to our pension scheme in order to progress towards this event,” he continued.
“It removes an element of long-term risk from our balance sheet, while further strengthening the security of pension benefits for hundreds of our current and former employees.
“Completing it within a condensed timeframe reflects the strong collaboration and focus of everyone involved, and we are grateful for their commitment.”
PAN Trustees sole professional trustee for the scheme, Nicholas Chadha, added: “The main objective for this transaction was to secure the pensions of our members, whilst maintaining dedicated support for them.
“In preparation for the transaction, we had already conducted a significant data cleansing process, allowing us to move quickly with the insurer of choice.
“We were really impressed with PIC’s ability to work at speed, alongside its clear focus on customer service and well thought through transition plan. I want to thank the PIC team for the flexibility and innovation displayed, in order to complete this transaction expediently.”
PIC origination actuary, George Milligan, said that organisation was a key element of the transaction due to tight timeframes.
“Our teams were able to mobilise quickly to ensure that we could meet the timescales set by the trustee and achieve the main objective of the scheme, securing its members benefits for the long term,” Milligan noted.
“We pride ourselves on providing excellent customer service and are delighted that the trustees recognised this, entrusting us with their members’ pensions.”
