Through buyouts and buy-ins, PIC provides UK defined benefit (DB) pension schemes, offering trustees and sponsors solutions for managing pension liabilities. Credit: Giovswastika/Shutterstock.

UK-based Pension Insurance Corporation (PIC) has completed a £24m ($29.25m) full buy-in for the Holophane Retirement Benefits Scheme, sponsored by Holophane Europe.  

The buy-in includes the pension benefits for 95 pensioners and their dependents, as well as 74 deferred scheme members. 

Headquartered in Milton Keynes, UK, Holophane Europe was established more than 125 years ago.  

The company is known for lighting solutions including interior, exterior and transport infrastructure lighting. 

The trustees of the scheme were advised by Cardano, which acted as the lead transaction adviser. Legal counsel was provided by Eversheds Sutherland, while Mercer delivered actuarial advice.  

Investment guidance was received from both Cardano and Mercer. On the other side, PIC was advised legally by CMS. 

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PIC origination actuary Jake Stanbridge said: “We are delighted to have supported the scheme and the company in securing this buy-in for all of the scheme’s members. This deal demonstrates PIC’s ability to help trustees of schemes of all sizes secure their members’ benefits for the long term. By working exclusively with the scheme we were able to deliver a solution tailored to their needs.” 

On behalf of ZEDRA Governance, chair of trustees Payam Kazemian said: “The completion of this buy-in marks a significant milestone in the strategic de-risking journey of the scheme and delivering financial security for members.  

“The advantage of PIC offering a whole of market solution means that this smaller-sized transaction nonetheless brings long-term security to the scheme members’ benefits.” 

ZEDRA’s team provides independent professional trustee services for DB, hybrid and defined contribution pension schemes. 

This transaction follows PIC’s recent completion of a second buy-in with the trustee of the C&J Clark Pension Fund – CJC Section and Flexible Section, which was valued at £540m. 

In the previous month, PIC executed its first full scheme buy-in under its Mosaic service, which is tailored for pension schemes with assets below £100m.  

Through buyouts and buy-ins, PIC provides UK DB pension schemes, offering trustees and sponsors solutions for managing pension liabilities.