Vistry’s final salary pension schemes have completed a £155m full buy-in with Pension Insurance Corporation (PIC), securing the benefits of 1,671 members.
The transaction covered the Bovis Homes Pension Scheme, the Galliford Try Final Salary Pension Scheme, and the Kendall Cross Holdings Limited Pension and Assurance Scheme, all sponsored by Vistry.
Herbert Smith Freehills Kramer advised PIC, while legal advice to the trustee was provided by CMS. LCP acted as risk transfer adviser to the trustee.
Vistry stated that the agreement secured long-term pension commitments while significantly reducing balance sheet risk.
Commenting on the deal, Ndapt (the scheme's trustee) director, Sarah Leslie, said: “This transaction is a great result for our members and is testament to the highly collaborative approach between the trustee, company, PIC and the schemes’ advisers.
"We selected PIC due to its track record for delivering first-class customer service and their focus on members.”
Vistry group CFO, Tim Lawlor, added: “We are pleased to complete this buy-in transaction with PIC following productive and collaborative engagement with the trustee.
"This agreement secures the long-term pension commitments made to our colleagues, former colleagues and their families, while significantly reducing risk and removing future pension-related volatility from our balance sheet.
"I would like to thank the trustee and all of our advisers for their hard work in achieving this outcome.”
PIC origination actuary, Jake Stanbridge, stressed that the insurer was “delighted” to complete the transaction, noting that multi-scheme deals required careful coordination to deliver tailored outcomes that provided long-term security for members.
LCP partner, Ken Hardman, added that the deal was “another example of a trustee and company working closely together to ensure a safe and secure home for their members’ pensions”.
