PIC secured an initial £200 million buy-in with the Plan in 2014, insuring 500 pensioners. This latest transaction has been agreed in expectation of the full plan moving to buyout when all 1,800 plan members will become PIC policyholders.
The Herbert Smith Freehills team advising PIC was led by Pensions partner Samantha Brown.
Samantha Brown commented: “We are delighted to have had this opportunity to work with PIC on this important transaction. The bulk annuity market is thriving and we are delighted to be playing a role in enabling PIC to provide a long term secure home for scheme member benefits.”