Pension Insurance Corp. Plc completed a £725 million full buy-in of the Former Registered Dock Workers Pension Fund.
Along with existing insurance policies, the transaction completely removes risk in respect of the fund's pension liabilities, PIC said. The fund is a multiemployer pension scheme covering dock workers and former dock workers who have worked for a number of ports and shipping organizations across the U.K.
The transaction was funded entirely from the fund's assets, without need for further contributions from the sponsoring employers.
Lane Clark and Peacock advised the fund's trustee, with Hogan Lovells advising on legal matters. Pi Consulting served as the fund's secretary, while Aon Hewitt guided on funding and administration.
KPMG advised the sponsors of the fund, while Herbert Smith Freehills served as PIC's adviser on the deal.
