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Specialist insurer of defined benefit pension schemes PIC has completed a £25m ($31m) full buy-in of the FSCS Pension Scheme.

The deal has secured the benefits of all 154 members, comprising 37 pensioners and 117 deferred members.

In addition, following n improvement in funding and asset derisking, the Scheme completed a preparation period, concluding with the ability to transact without additional contributions required from the employer.

Giles Payne at Capital Cranfield, Chair of the Trustees, said: “Broadstone and Arc guided us expertly through the issues raised which meant we could confidently transact, safe in the knowledge nothing was left to chance. We are pleased to have secured this deal with PIC and are grateful for their engagement in the process along with the support of the Employer and the advisers involved.”

Richard Quintian, Head of Pricing and Funded Reinsurance at PIC, commented: “We are proud to have completed a buy-in for the FSCS Pension Scheme, helping the Trustees with their goal of providing their members with long-term security for their pensions. Being well prepared when approaching a busy market allowed the Trustees and their advisers to complete the process in an efficient and timely manner.”

Christopher Rice, Deal Lead and Scheme Actuary at Broadstone, added: “The Trustees and Employer understood the importance of thorough preparation before approaching the market and this led to a competitive process. We’re delighted to have led the Trustees through this process, securing an excellent price with PIC, meeting the Trustee’s and Employer’s objectives and securing the pensions of all its Scheme members.”

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