Pension Insurance Corporation, a part of the Pension Corporation group, has been selected after an independent and tender process to secure the pension benefits of The UK Can Pension and Assurance Plan.
The UK Can Pension Plan came under the protection of the Pension Protection Fund (PPF) in October 2006 with the appointment of administrators to the pension fund’s sponsor, UK Can and in December 2007, UK Can was liquidated.
Under the agreement with the trustee of The UK Can Pension Plan, Pension Insurance will insure specified benefits to which members of the Pension Plan are entitled, at a level which is greater than the pension benefits currently provided by the PPF. In exchange for insuring these benefits, Pension Insurance has received assets amounting to GBP42 million.
Edmund Truell, CEO of Pension Corporation, said: This agreement with The UK Can Pension Plan emphasizes Pension Corporation’s expertise and flexibility in being able to offer a comprehensive set of affordable solutions to defined benefit funds of any financial strength, size or maturity profile.
Chris Martin, managing director of independent trustee services and trustee to The UK Can Pension Plan, added: The majority of members of The UK Can Pension Plan are likely to achieve a far better outcome than they would have anticipated when the PPF assessment period started. A key factor in the decision of the trustee to choose Pension Insurance Corporation was its willingness to tailor a solution to make the transition as smooth as possible.