The specialist insurer of defined benefit pension (DB) schemes, Pension Insurance Corporation, has concluded a £230m buy-in with the Peel Ports Final Salary Pension Scheme.
Peel Ports Group is one of the largest port operators in the UK, transporting over 70 million tonnes of cargo every year for customers globally.
The buy-in covers the pensions of 2,000 members across a number of Peel Ports Group companies, including the Mersey Docks and Harbour Company, Port of Sheerness, the Manchester Ship Canal Company, Clydeport, and Clydeport Operations.
This is the second time PIC and Peel Ports Group have worked together to secure members’ pensions.
In 2017, PIC completed a £725m buy-in with the former Registered Dock Workers Pension Fund, a multi-employer pension scheme covering dock workers and ex-dock workers who worked for a number of ports across the UK, including The Mersey Docks and Harbour Company.
“This transaction once again demonstrates the value of a joined up approach between the trustee and the scheme sponsor, with all parties setting clear objectives at the start of the process and working closely together to achieve a successful outcome,” said Ken Hardman at LCP, who advised the trustee on the transaction.
CMS advised PIC on the transaction and legal advice was provided to the trustee by Gowlings.
At half year 2025, PIC had secured the pensions of nearly 400,000 people, and a portfolio of £51.5bn, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK DB pension schemes.
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