The Interface Europe Pension Scheme has finalised an £85m buy-in with Pension Insurance Corporation (PIC), securing the benefits of 1,117 scheme members.
The scheme sponsor is Interface, a global commercial flooring manufacturer, while Dalriada Trustees acted as the sole professional trustee to the scheme.
Dalriada chair of the trustee, Jo Harris, commented: “We’re very pleased to have concluded this transaction with PIC.
"This was not a straightforward transaction, but with the hard work of scheme advisers, support from the employer, and flexibility from PIC, we believe we’re together providing the best outcome that the market can offer for our members.
PIC head of new business strategy, Deepash Amin, added that customer service was recognised as a key factor in securing the transaction.
“The trustee was focussed on achieving a smooth, efficient outcome for members and our team worked collaboratively to complete the transaction," he said.
Also involved in the buy-in was PricewaterhouseCoopers (PwC), who acted as lead transaction adviser to the trustee, and CMS Cameron McKenna Nabarro Olswang, who advised the insurer.
Isio provided long-term actuarial and benefit consultancy services to the scheme, and Eversheds Sutherland provided legal advice.
Commenting on the process, PwC lead risk transfer adviser, Sam Whalley, said it showed “the value of preparation ahead of time and early market engagement, which meant that a number of complexities were dealt with efficiently,” allowing the trustee to achieve a positive outcome for members.
