To insure pension scheme valued at approximately GBP57 million
Pension Corporation, a provider of risk management solutions, has announced the buy-in agreement of the Trustees of the Warwick International Pension Scheme with Pension Insurance Corporation (PIC). The transaction is valued at approximately GBP57 million, meant for retired pensioners only.
PIC will also assume responsibility for the administration of these pensions.
The insurance policy will be held as an asset by the Warwick International Group Pension Scheme and will offset liabilities, bringing greater security to members’ benefits. The pensioners will continue as members of the scheme.
A pension insurance buy-in is a key step towards fully de-risking a pension scheme by reducing the overall level of pension risk and investment volatility faced by a scheme.
Pension Corporation eliminates risks ranging from full pension insurance buyout to longevity risk insurance, sponsor stewardship and asset-liability management.