Pension Insurance Corporation (PIC) has concluded a £35m full buy-in with the Associated Board of the Royal Schools of Music (ABRSM) Pension Scheme, securing the pensions of all 253 members.
ABRSM offers face-to-face and digital exams, sheet music, recordings, apps and courses for students and teachers across the world.
PIC origination actuary, Joshua Lenz, said the insurer was pleased to be able to “strike the right chord” with the pension scheme.
“The trustees were focussed on the importance of customer service for their members, and we’re proud to have been selected on that basis,” he added.
PIC was advised by CMS Cameron McKenna Nabarro Olswang and LCP was the lead transaction advisers for the trustee using the LCP streamlined buy-in service, which simplifies the buy-in process for smaller schemes through pre-agreed terms.
Legal advice was provided to the trustee by Gowling WLG and Sackers.
