The policy covers primarily the deferred members of the scheme with liabilities valued at approximately GBP35m
Pension Corporation, a provider of risk management solutions to defined benefit pension funds, has announced that Pension Insurance Corporation (PIC) seeks to insure the remainder of the Thomson Regional Newspapers (TRN) Pension Fund, a pension scheme sponsored by Citigroup (Citi).
The TRN Trustee directors purchased a bulk annuity contract from PIC, the FSA authorised and regulated insurance arm of Pension Corporation. The policy covers primarily the deferred members of the scheme with liabilities valued at approximately GBP35m.
The insurance policy will be held as an asset by the TRN Pension Fund. The Trustee directors will continue to be responsible for paying benefits to the Fund’s members.
Steve Balmont of Law Debenture, chairman of the TRN Trustee body, said: We are pleased to have worked together with Pension Insurance Corporation, Citi and our advisors to purchase a further insurance policy that puts the Fund members’ benefits on an even more secure footing.
Jay Shah, co-head of origination of Pension Corporation, said: We worked closely with the Trustee directors, their advisers and Citi to achieve their immediate objectives of providing a tailored insurance solution. This deal follows on from several other innovative insurance solutions provided by Pension Corporation to pension schemes in recent months.