04 February 2010
Published in: ALM, Longevity - mortality
PIC insures Liberty International’s pension scheme
Pension Insurance Corporation (PIC) is to insure the Liberty International group retirement benefit scheme.
In return for fully insuring the liabilities of the 203-member scheme, PIC will receive assets amounting to £61m, £46m in scheme assets and £15m as an additional company contribution.
Liberty International is one of the UK's largest listed property companies and a constituent of the FTSE 100 index of the UK's leading listed companies.
"Pension Insurance Corporation offers a strong proposition in securing member benefits for the long term," commented David Bramson, chairman of the scheme trustees.
According to John Coomber, chief executive of PIC, "This is the second FTSE 100 risk transfer transaction which PIC has completed and I look forward to further transactions during 2010."
Mercer acted as lead adviser and broker for the transaction.
PIC in January insured the Inchcape Shipping Services pension scheme in a buy-out of all £15m of liabilities of the scheme. In December 2009, it effected a £500m pension insurance buy-in with the Cadbury pension fund.