Pension Insurance Corporation, the specialist insurer of defined benefit pension schemes, has concluded simultaneous buy-ins with three schemes sponsored by Baker Hughes: the UK Baker Hughes Pension Plan, the Brush Group Pension Scheme, and the Pipeline Integrity International (PII) Group Pension Scheme.
The buy-ins cover liabilities of £900m and secure the pensions of over 3,000 pensioners and dependants, and nearly 4,000 deferred members.
Baker Hughes is an energy technology company headquartered in Houston, Texas and London, conducting business in over 120 countries.
Andrew McKinnon, chair of the Brush Group Pension Scheme, said: “We selected PIC due to their track record and focus on members, combined with their ability to meet our specific requirements.”
Colin Mcfadden, chair of the PII Group Pension Scheme, said: “We are very pleased to have completed this transaction which improves security for our members.”
Matt Richards, head of origination structuring at PIC, added: “It’s very rewarding having concluded these buy-ins with Baker Hughes. Each of the schemes covered had specific requirements that needed specialist structuring.”
WTW led the transactions and CMS provided transaction legal advice for all three Schemes.
Shelly Beard, managing director at WTW, said: “It was great to lead this highly complex transaction for the three schemes, which required deep market knowledge, excellent teamwork and strong project management to meet everyone’s objectives.”
Aon was the scheme actuary, administrator and investment adviser, Squire Patton Boggs are the legal adviser, and Cardano are the fiduciary manager to the Brush Group Pension Scheme.
In addition, First Actuarial provided actuarial, administration and investment services, and Irwin Mitchell the legal adviser to the PII Group Pension Scheme, with PwC providing financial strength advice to the three Schemes
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