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PIC, a specialist insurer of defined benefit pension schemes, has concluded a £24 million full buy-in of the Holophane Retirement Benefits Scheme ('the Scheme'), sponsored by Holophane Europe Limited. The buy-in covers the pension benefits of 95 pensioners and dependents, and 74 deferred Scheme members.
Headquartered in Milton Keynes, Buckinghamshire, and founded over 125 years ago, Holophane Europe Limited enjoys a global reputation for expertise, quality and innovation in interior, exterior, amenity, road, rail and flood lighting.
Payam Kazemian, on behalf of ZEDRA Governance Limited, the Chair of Trustees, said: “The completion of this buy-in marks a significant milestone in the strategic de-risking journey of the Scheme and delivering financial security for members. It was great to work collaboratively with the Company, our advisers, and PIC to achieve this outcome. The advantage of PIC offering a whole of market solution means that this smaller sized transaction nonetheless brings long-term security to the Scheme members’ benefits.”
Jake Stanbridge, Origination Actuary at PIC, said: “We are delighted to have supported the Scheme and the Company in securing this buy-in for all of the Scheme’s members. This deal demonstrates PIC’s ability to help trustees of schemes of all sizes secure their members’ benefits for the long term. By working exclusively with the Scheme we were able to deliver a solution tailored to their needs. The scheme’s advisors ran an effective process, and were a pleasure to work alongside.”
Adolfo Aponte, Managing Director, Cardano, a business of Marsh McLennan, said: “It’s been a pleasure to advise on this transaction, supporting the Trustees in achieving a positive outcome for members. Thorough preparation and the right market approach strategy facilitated this trade on attractive terms, even for a small scheme.”
Cardano acted as lead transaction adviser to the Trustees. The Scheme received legal advice from Eversheds Sutherland, actuarial advice from Mercer and investment advice from both Cardano and Mercer. PIC received legal advice from CMS.
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For further information please contact:
PIC
Clive Booth
+44 (0) 7780 599247
boothc@pensioncorporation.com
Apella Advisors
Arne Wysny
+44 (0) 7818 497469
PIC@apellaadvisors.com
About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At half year 2024, PIC had insured 348,600 pension scheme members and had £47.7 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. At 30 June 2024, PIC had made total pension payments of £14.9 billion to its policyholders and had invested more than £13 billion in the UK economy, creating considerable social value. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com
